The Cards and Payments Industry in Oman: Emerging Trends and Opportunities to 2020

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Date: 30-Dec-2016
No. of pages: 46
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The Cards and Payments Industry in Oman: Emerging Trends and Opportunities to 2020

Summary

Use of payment cards is gradually rising in Oman, though overall card use in the country is much lower than many of its peers. Frequency of use per card in Oman stood at 22.4 in 2016 - lower than Lebanon with 31.3, the UAE with 49.8, Kuwait with 54.9, Iran with 62.0, Saudi Arabia with 99.0 and Israel with 155.4. However, a number of initiatives have encouraged adoption of payment cards in the country, such as improvements to the payment infrastructure, new technology such as contactless and EMV, Sharia-compliant cards, and the government's promotion of electronic payments.

As the payment infrastructure improves, convenience has emerged as a key driver in the debit card market. Instant card issuance is also a growing trend. BankDhofar launched an instant card-issuance service in September 2013, allowing customers to collect debit cards instantly when opening an account, and start using them immediately. In June 2015, Alizz Islamic Bank launched an instant card-issuance service at all its branches, helping to reduce PIN distribution costs and enhancing customer satisfaction.

Demand for premium payment cards is rising in the Gulf Cooperation Council (GCC), including Oman. Consumers have become more sophisticated, and cards are now an essential part of their lifestyles. Consumer demand for high-quality services and rewards is also rising, and banks are offering exclusive benefits and rewards to serve the most profitable consumers. In March 2015, Alizz Islamic Bank partnered with MasterCard to introduce the World Elite MasterCard in Oman.

Banks in Oman also serve corporate customers, including large businesses and SMEs. With the growing number of businesses in Oman, demand for commercial cards is expected to increase over the forecast period (2016-2020). Issuers such as Bank Muscat, BankDhofar, National Bank of Oman (NBO), Bank Sohar and Oman Arab Bank offer commercial cards, which provide exclusive dining, shopping, traveling and entertainment-related offers, free travel insurance and medical assistance and access to airport lounges.

The report "The Cards and Payments Industry in Oman: Emerging Trends and Opportunities to 2020" provides top-level market analysis, information and insights into the Omani cards and payments industry.

In particular, this report enables the following -

- Current and forecast values for each market in the Omani cards and payments industry, including debit and credit cards.

- Detailed insights into payment instruments including credit transfers, direct debits, checks and payment cards. 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 Omani 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 in the Omani cards and payments industry.

Companies mentioned in this report: Bank Muscat, NBO, BankDhofar, Bank Sohar, HSBC Bank Oman, Visa, MasterCard.

Scope

- This report provides a comprehensive analysis of the Omani cards and payments industry.

- It provides current values for the Omani cards and payments industry for 2016, and forecast figures to 2020.

- It details the different demographic, economic, infrastructural and business drivers affecting the Omani cards and payments industry.

- It outlines the current regulatory framework in the industry.

- It details marketing strategies used by various banks and other institutions.

Reasons to buy

- Make strategic business decisions, using top-level historic and forecast market data, related to the Omani cards and payments industry and each market within it.

- Understand the key market trends and growth opportunities in the Omani cards and payments industry.

- Assess the competitive dynamics in the Omani cards and payments industry.

- Gain insights into marketing strategies used for various card types in Oman.

- Gain insights into key regulations governing the Omani cards and payments industry.

The Cards and Payments Industry in Oman: Emerging Trends and Opportunities to 2020

Table of Contents
1. EXECUTIVE SUMMARY 2
1.1. Market overview 2
1.2. Key facts 4
1.3. Top five industry events 5
2. PAYMENT INSTRUMENTS 11
2.1. Current payment environment 11
3. E-COMMERCE AND ALTERNATIVE PAYMENTS 13
3.1. E-Commerce market analysis 13
3.2. Alternative payment solutions 15
3.2.1. PayPal 15
3.2.2. CashU 15
3.2.3. Ooredoo Charge to Mobile 15
3.2.4. Fortumo 15
4. REGULATIONS IN THE CARDS AND PAYMENTS INDUSTRY 16
4.1. Regulatory framework 16
4.2. Anti-money laundering and counter-terrorism financing (AML/CTF) 16
4.3. Foreign direct investment (FDI) regulations 16
5. ANALYSIS OF CARDS AND PAYMENTS INDUSTRY DRIVERS 18
6. PAYMENT CARDS 20
7. DEBIT CARDS 22
7.1. Debit cards market analysis 22
7.2. Competition in the debit cards market 24
7.3. Debit cards comparison 26
8. PAY LATER CARDS 27
8.1. Pay later cards market analysis 27
8.2. Competition in the pay later cards market 29
8.3. Pay later cards comparison 31
9. APPENDIX 32
9.1. Abbreviations 32
9.1.1. Supplementary data 33
9.2. Definitions 40
9.3. Methodology 42
9.4. Bibliography 44
9.5. Further reading 44

List of Tables
Table 1: Oman, Key Facts, 2016 4
Table 2: Oman, Regional Benchmarking of Payment Cards, 2016 4
Table 3: Oman, Mode of Entry of Foreign Banks 17
Table 4: Oman, Debit Cards Comparison and Key Features, 2016 26
Table 5: Oman, Gold Credit Cards Comparison and Key Features, 2016 31
Table 6: Oman, Premium Credit Cards Comparison and Key Features, 2016 31
Table 7: Oman, Payment Instrument Transaction Values (OMR Billion), 2012-2016 33
Table 8: Oman, Payment Instrument Transaction Values (US$ Billion), 2012-2016 33
Table 9: Oman, Payment Instrument Transaction Volumes (Million), 2012-2016 33
Table 10: Oman, Payment Cards in Circulation by Type (Thousand), 2012-2020 33
Table 11: Oman, Volume of Payment Card Transactions (Million), 2012-2020 34
Table 12: Oman, Value of Payment Card Transactions (OMR Billion), 2012-2020 34
Table 13: Oman, Value of Payment Card Transactions (US$ Billion), 2012-2020 34
Table 14: Oman, Debit Cards in Circulation (Million), 2012-2020 34
Table 15: Oman, Debit Card Transaction Volumes, 2012-2020 35
Table 16: Oman, Debit Card Transaction Values (OMR), 2012-2020 35
Table 17: Oman, Debit Card Transaction Values (US$), 2012-2020 35
Table 18: Oman, Debit Cards in Circulation by Scheme (Thousand), 2012-2016 36
Table 19: Oman, Debit Card Transaction Values by Scheme (OMR Million), 2012-2016 36
Table 20: Oman, Debit Card Transaction Values by Scheme (US$ Million), 2012-2016 36
Table 21: Oman, Debit Card Transaction Values by Issuer (OMR Million), 2012-2016 36
Table 22: Oman, Debit Card Transaction Values by Issuer (US$ Million), 2012-2016 37
Table 23: Oman, Pay Later Cards in Circulation (Thousand), 2012-2020 37
Table 24: Oman, Pay Later Card Transaction Volumes, 2012-2020 37
Table 25: Oman, Pay Later Card Transaction Values (OMR), 2012-2020 38
Table 26: Oman, Pay Later Card Transaction Values (US$), 2012-2020 38
Table 27: Oman, Pay Later Cards in Circulation by Scheme (Thousand), 2012-2016 38
Table 28: Oman, Pay Later Card Transaction Values by Scheme (OMR Million), 2012-2016 39
Table 29: Oman, Pay Later Card Transaction Values by Scheme (US$ Million), 2012-2016 39
Table 30: Oman, Pay Later Card Transaction Values by Issuer (OMR Million), 2012-2016 39
Table 31: Oman, Pay Later Card Transaction Values by Issuer (US$ Million), 2012-2016 39
Table 32: Key Definitions 40

List of Figures
Figure 1: Oman, Payment Instrument Shares by Transaction Value (%), 2012 vs 2016 11
Figure 2: Oman, Payment Instrument Shares by Transaction Volume (%), 2012 vs 2016 12
Figure 3: Oman, E-Commerce Value 13
Figure 4: Oman, Population and Economic Indicators 18
Figure 5: Oman, ATMs, POS Terminals and Household Consumption 19
Figure 6: Oman, Payment Cards Transaction Value and Cards in Circulation, 2012-2020 20
Figure 7: Oman, Debit Card Penetration and Turnover Per Card 22
Figure 8: Oman, Debit Cards Scheme and Issuer Transaction Value Share, 2016 24
Figure 9: Oman, Pay Later Card Penetration and Turnover Per Card 27
Figure 10: Oman, Pay Later Cards Scheme and Issuer Transaction Value Share, 2016 29
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