Boston, MA -- (SBWIRE) -- 06/20/2013 -- Cards (pre-loaded cards) under the government's poverty alleviation scheme (BISP) to make flood relief payments in 2011. Despite numerous challenges such as flooding, the global economic slowdown and weak capital inflow, Pakistan's economy performed relatively well, with GDP growing from 3.0% in 2011 to 3.7% in 2012. The agricultural and manufacturing sectors drove this growth while deceleration was registered in the services sector. Inflation declined from 13.7% in 2011 to 11% in 2012 due to the protracted energy crisis, weak fiscal fundamentals and a decrease in private investment expenditure. Consequently, Pakistan's GDP is forecast to stabilize at 3.5% in 2013.

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Key Highlights

- In terms of the number of cards in circulation, Pakistan's cards industry recorded significant growth at a CAGR of 28.29% during the review period (2008-2012). The total number of cards increased from 9.7 million in 2008 to 26.2 million in 2012. The industry is projected to grow at a CAGR of 13.27% over the forecast period (2012-2017), increasing from 31.9 million cards in 2013 to 52.5 million cards in 2017.
- In terms of the number of cards in circulation, Pakistan's credit cards category held a share of 4.2% in 2012. The category is forecast to decrease from 3.2% in 2013 to 1.7% in 2017. During the review period, the number of credit cards declined at a CAGR of 9.49% from 1.6 million in 2008 to 1.1 million in 2012. This trend is mainly due to high interest rates which ranged from 35-40% during the review period and the fact that cards are not widely accepted as a payment platform by the nation's internet retailers.
- Smart cards are not very popular in Pakistan but are used by the government to transfer funds to help the poorer population and pensioners. The National Database and Registration Authority (NADRA) issued nearly 92.8 million Smart National Identity Cards (SNIC) by the end of January 2013.

Companies Mentioned in this Report: Habib Bank Limited, MCB Bank Limited, Standard Chartered Bank Pakistan, Askari Bank Limited, United Bank Limited

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