Kuwait Cards and Payments - Opportunities and Risks to 2027

Kuwait Cards and Payments - Opportunities and Risks to 2027

Summary

GlobalData’s ‘Kuwait Cards and Payments - Opportunities and Risks to 2027' 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 (2019–23e).

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 (2023e–27). 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.

This 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.
• E-commerce 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

• Security and convenience have emerged as an important factor to drive payment card usage. In May 2023, Kuwait International Bank partnered with Norway-based biometric technology company Zwipe to launch Visa Infinite biometric payment cards for the bank’s premium customers. The cards are embedded with a fingerprint sensor, which allows holders to make contactless payments without needing to enter a PIN, regardless of the transaction amount. To make payments, customers tap the card against contactless POS terminals while placing their finger on the sensor.
• Alternative payment solutions are being introduced in Kuwait. In March 2023, Google Pay launched in Kuwait in partnership with Mastercard. The solution enables card holders to make contactless in-store and online payments using their Android smartphone. Users can store card details for future payments by scanning the front of the card using the app or entering the card information manually. Payments are confirmed by a check symbol appearing onscreen. It also allows users to make contactless payments via wearables.
• Innovative payment solutions are being introduced in the country. In May 2023, the NBK launched cardless cash withdrawals via digital wallets and smartwatches. Users select ‘cardless withdrawal’ in the NBK app, select the bank account they want to make the withdrawal from, and enter the amount they wish to withdraw. A five-digit PIN is sent to the user’s registered smartphone number. At the ATM, users select the cashless withdrawal option and enter the PIN to collect the cash from the ATM.

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.