Pakistan Cards and Payments: Opportunities and Risks to 2028

Pakistan Cards and Payments: Opportunities and Risks to 2028

Summary

GlobalData’s ‘Pakistan Cards and Payments: Opportunities and Risks to 2028' report provides top-level market analysis, information and insights into the Pakistani cards and payments industry, including -

• Current and forecast values for each market in the Pakistani cards and payments industry, including debit and credit cards.
• Detailed insights into payment instruments including cash, credit transfers, cards, cheques and direct debits. 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 Pakistani cards and payments industry.
• Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• The competitive landscape of the Pakistani cards and payments industry.

GlobalData’s ‘Pakistan Cards and Payments: Opportunities and Risks to 2028' report provides detailed analysis of market trends in the Pakistan cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, credit transfers, cards, cheques and direct debits during the review-period (2020-24e).

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 (2024e-28f). 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.

Key Highlights

• Digital payment acceptance is underdeveloped in Pakistan and is limited to urban centers and high-end merchants. To expand the digital payment infrastructure and make payments accessible to consumers, Mastercard collaborated with the digital wallet JazzCash in November 2023. The partnership was to collectively launch QR code payments, Pay by Link, and Tap on Phone solutions to facilitate cost-effective and widespread acceptance of digital payments for micro-sized enterprises, SMEs, as well as freelancers and gig workers. By facilitating broader acceptance of digital payments, the initiative is expected to increase the adoption of payment cards as more merchants and consumers begin using these payment methods.
• Contactless transport payments are gaining traction in Pakistan. According to Visa’s Future of Urban Mobility Survey conducted in 2023, 95% of respondents expect contactless payment options to be made available on public transit. The top benefits of contactless payments, as identified by the survey, include time saved due to faster transactions, added convenience, and ease of use. Additionally, in May 2024, the Sindh Government launched the Automated Fare Card for the People’s Bus Service in Karachi, further promoting the adoption of contactless payments in public transportation.
• The State Bank of Pakistan (SBP) is working to increase financial inclusion for women via its National Financial Inclusion Strategy, with a focus on the Banking on Equality Policy. As of June 2023, there were 29 million unique female bank accounts, representing over 43% of the female adult population. The SBP's efforts to promote digital banking and financial literacy, including initiatives such as Financial Literacy Week, are expected to boost debit card penetration among women and further close the gender gap in financial services. The event educated the public on digital tools, such as Raast, QR codes, the Asaan Mobile Account (AMA), and the Asaan Digital Account, with support from SBP Banking Services Corporation field offices and commercial banks.

Scope

• Card market size in terms of number of cards, value and volume of transactions in Pakistan along with detailed card segmentation of debit and credit cards available in the country.
• Market sizing and analysis of major payment instruments including cash, credit transfers, cards, cheques and direct debits.
• Payment market trends and growth for both historical and forecast period.
• Competitor analysis with detailed insights into leading card issuers and schemes.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• A detailed snapshot of country's key alternative payment brands.

Reasons to Buy

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