Market Research Reports, Inc. has announced the addition of “Lebanon's Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape” research report to their website http://www.MarketResearchReports.com
Lewes, DE -- (SBWIRE) -- 12/09/2014 -- Lebanese payments cards (including debit, credit and charge cards) registered positive growth during the review period, recording a compound annual growth rate (CAGR) of 3.41%, increasing from 1.6 million cards in circulation in 2009 to 1.8 million by the end of 2013. In terms of transaction value, payment cards valued LBP15.5 trillion (US$10.3 billion) in 2013, after registering a review-period (2009–2013) CAGR of 12.07%. The introduction of improved cards, rising consumer awareness for electronic payments, adoption of advanced technologies such as PayWave and PayPass feature, EMV technology and contactless cards all contributed towards the growth in payment cards.
In 2013, the average transaction value (ATV) in Lebanon was US$177.6, which was the fifth highest in the Middle East and North Africa (MENA) region. Kuwait recorded the highest ATV, with US$319.6, followed by the UAE (US$263.1), Oman (US$207.1) and Bahrain (US$185.3). In terms of card penetration, Lebanon had the ninth highest level of 0.4 cards per inhabitant, followed by Iran (2.4), the UAE (2), South Africa (1.3), Kuwait (1.3), Israel (1.1), Oman (1.0), Bahrain (0.8) and Saudi Arabia (0.7).
Lebanon ranked seventh among the other MENA countries in the frequency of use of payment cards, with 31.9 transactions per card. Israel recorded the highest frequency with 131.2, followed by Saudi Arabia (95.3), Kuwait (47.4), Iran (46.5), the UAE (43.1) and Nigeria (38.2).
The prepaid cards market is growing rapidly, and is expected to surpass debit, credit and charge cards in terms of number of cards in circulation by 2018. In terms of the number of cards in circulation, the prepaid cards market in Lebanon increased with 107,702 cards in circulation in 2013, which is anticipated to increase to 2.3 million cards in 2018. To promote such cards, Byblos Bank and Blom Bank are offering cards at different prices ranging from LBP12,060–LBP376,875 (US$8–US$250), targeting the young population (from the age of 12 years) and regular internet surfers who prefer to make purchases online. These cards include offers such as the redemption of reward points that are attached with it.
Prepaid cards are also popular for the remittance facility. IRemit, a global remittance company, issues the I-remit Visa Prepaid Card which ensures faster and safer remittance facilities from Lebanon to the beneficiary in the Philippines. This card also offers facilities such as online payment for utility bills and online shopping.
Smart cards with contactless technology features are an emerging trend across the globe, with the same case in Lebanon. Contactless technology was introduced to the country in association with Visa. Bank Audi and Visa launched PayWave contactless payment technology in June 1, 2014, and the bank also issues cards with PayPass contactless features in association with MasterCard.
Similarly, contactless technology is being used for mobile payments. In April 15, 2014, Bank Audi launched the Tap2pay NFC Mobile Payment service, which allows mobile phone users to use their mobile phone as a credit card. This was launched in partnership with MasterCard and the mobile operators Alfa and Touch.
The report provides top-level market analysis, information and insights into Lebanon's cards and payments industry, including:
- Current and forecast values for each category of Lebanon's cards and payments industry, including debit cards, credit cards, charge cards and prepaid cards
- Comprehensive analysis of the industry's market attractiveness and future growth areas
- Analysis of various market drivers and regulations governing Lebanon's cards and payments industry
- Detailed analysis of the marketing strategies adopted for selling debit, credit, charge and prepaid cards used by banks and other institutions in the market
- Comprehensive analysis of consumer attitudes and buying preferences for cards
- The competitive landscape of Lebanon's cards and payments industry
- This report provides a comprehensive analysis of Lebanon's cards and payments industry.
- It provides current values for Lebanon's cards and payments industry for 2013, and forecast figures for 2018.
- It details the different economic, infrastructural and business drivers affecting Lebanon's cards and payments industry.
- It outlines the current regulatory framework in the industry.
- It details the marketing strategies used by various banks and other institutions.
- It profiles the major banks in Lebanon's cards and payments industry.
Reasons to Buy:
- Make strategic business decisions using top-level historic and forecast market data related to Lebanon's cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in Lebanon's cards and payments industry.
- Assess the competitive dynamics in Lebanon's cards and payments industry.
- Gain insights in to the marketing strategies used to sell various card types in Lebanon.
- Gain insights into key regulations governing Lebanon's cards and payments industry.
Spanning over 92 pages, 67 Tables and 37 Figures "Lebanon's Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape" report Covering Key Facts and Top Events, Executive Summary, Payment Instruments, Market Attractiveness and Future Prospects of Cards and Payments, Analysis of Cards and Payments Industry Drivers, Emerging Consumer Attitudes and Trends, Payment Cards, Debit Cards, Credit Cards, Charge Cards, Commercial Cards, Regulations in the Cards and Payments Industry, Card Fraud Statistics, Card Issuers, Card Schemes, Prepaid Cards, Appendix. This report Covered 7 Companies - Bank Audi, Blom Bank, Credit Libanais, Byblos Bank, MasterCard, Visa, American Express.
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