Kuwait Cards and Payments - Opportunities and Risks to 2026

GlobalData's 'Kuwait Cards and Payments - Opportunities and Risks to 2026' report provides detailed analysis of market trends in the Kuwaiti cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards and cheques during the review-period (2018-22e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2022e-26f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData's research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

The report provides top-level market analysis, information and insights into the Kuwaiti cards and payments industry, including -

• Current and forecast values for each market in the Kuwaiti cards and payments industry, including debit, credit and charge cards.
• Detailed insights into payment instruments including payment cards and cheques . It also, includes an overview of the country's key alternative payment instruments.
• Ecommerce market analysis.
• Analysis of various market drivers and regulations governing the Kuwaiti cards and payments industry.
• Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.

Scope

• To push electronic payments in the country, in August 2021 the Central Bank of Kuwait (CBK) launched the Kuwait Automated Settlement System for Inter-participant Payments (KASSIP). This electronic payment system allows users to make payments and transfers to accounts among participating banks within seconds. As of August 2021, 11 banks support fund transfers via electronic payments.
• Digital-only banks are helping to boost financial inclusion in the country. In November 2021, National Bank of Kuwait (NBK) launched its first digital-only bank Weyay. Individuals can open a bank account through its mobile app; the account includes a Visa debit card along with rewards and discounts on purchases at partner merchants. Similarly, in July 2021, Boubyan Bank launched a fully licensed and regulated mobile-only UK Islamic bank called Nomo to offer international banking services to individuals in the Middle East. Customers from Kuwait can use the Nomo iPhone app to open an account instantly. They can make international payments in pound sterling and US dollars and transact using a virtual Mastercard debit card.
• Security and convenience have emerged as an important driver of growth for both the banked population and payment card penetration. In December 2021, Mastercard partnered with Jordan Kuwait Bank to launch the Biometric World Elite Mastercard credit card in Kuwait. Users need to enroll their fingerprint with the bank and link their bank account. To make a payment, card holders place their finger on the card sensor then tap the card on the contactless reader. Biometric authentication replaces the need to enter a PIN, enabling card holders to make payments of any amount (unlike traditional contactless payment cards).

Reasons to Buy

• Make strategic business decisions, using top-level historic and forecast market data, related to the Kuwaiti cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in the Kuwaiti cards and payments industry.
• Assess the competitive dynamics in the Kuwaiti cards and payments industry.
• Gain insights into marketing strategies used for various card types in Kuwait.
• Gain insights into key regulations governing the Kuwaiti cards and payments industry.