Between 2008 and 2012, Lebanon’s cards industry recorded a CAGR of 4.89% in terms of volume and the total number of cards increased from 1.6 million to 2.0 million. The industry has been forecasted to grow at a CAGR of 3.15%, from 2.1 million cards in 2013 to 2.4 million in 2017.
After the debit and credit card categories, prepaid cards are the most popular card payment category in Lebanon and in 2012, the category held the third largest industry share of 8.0%. The total number of prepaid cards in circulation increased significantly raising from 107.007 in 2008 to 157,522 in 2012, at a CAGR of 10.15%. This category is expected to post a CAGR of 15.43%, rising from 177,714 in 2013 to 315,449 in 2017. The demand is increasing due to the diversity of card payment functions.
Both credit and charge cards are major revenue sources for financial institutions. Annual fees, interest on cash advances and value added services all contribute to the generation of profit. The categories held respective industry shares of 23.5% and 7.6% in 2012. Relatively low penetration rates are encouraging the entry of new operators and in 2011, CSC Bank established an agreement with JCB International to issue JCB cards in Lebanon. Interest rates on credit limits are expected to lower due to the increasing levels of competition, this will consequently encouraging consumers to use more cards.
Smart cards which incorporate contactless technology are emerging as a trend across the globe. Contactless technology was introduced into Lebanon in association with MasterCard as a way to increase the speed of transactions. Fransabank has been offering contactless payment technology in Lebanon since 2006 and, in 2012, Bank Audi launched a contactless ABC MasterCard. This is a co-branded card in association with a prominent shopping mall. Contactless cards are expected to gain popularity between 2012 and 2017 and begin to establish themselves as a mainstream payment platform.
Reasons to buy
Understand the potential for growth within Lebanon’s Cards and Payments market.
Realize how the growth of prepaid cards and contactless payments is driving the industry forward.
Uncover how the preferences of the consumer can impact the industry as a whole.
Gain the upper hand by reviewing the main strategies adopted by other key operators within the industry.
Obtain an insight into the emerging consumer attitudes and trends.
Comprehensive Table of Contents and more on the report @ http://www.rnrmarketresearch.com/emerging-opportunities-in-lebanons-cards-and-payments-industry-market-size-trends-and-drivers-strategies-products-and-competitive-landscape-market-report.html
After the debit and credit card categories, prepaid cards are the most popular card payment category in Lebanon and in 2012, the category held the third largest industry share of 8.0%. The total number of prepaid cards in circulation increased significantly raising from 107.007 in 2008 to 157,522 in 2012, at a CAGR of 10.15%. This category is expected to post a CAGR of 15.43%, rising from 177,714 in 2013 to 315,449 in 2017. The demand is increasing due to the diversity of card payment functions.
Both credit and charge cards are major revenue sources for financial institutions. Annual fees, interest on cash advances and value added services all contribute to the generation of profit. The categories held respective industry shares of 23.5% and 7.6% in 2012. Relatively low penetration rates are encouraging the entry of new operators and in 2011, CSC Bank established an agreement with JCB International to issue JCB cards in Lebanon. Interest rates on credit limits are expected to lower due to the increasing levels of competition, this will consequently encouraging consumers to use more cards.
Smart cards which incorporate contactless technology are emerging as a trend across the globe. Contactless technology was introduced into Lebanon in association with MasterCard as a way to increase the speed of transactions. Fransabank has been offering contactless payment technology in Lebanon since 2006 and, in 2012, Bank Audi launched a contactless ABC MasterCard. This is a co-branded card in association with a prominent shopping mall. Contactless cards are expected to gain popularity between 2012 and 2017 and begin to establish themselves as a mainstream payment platform.
Reasons to buy
Understand the potential for growth within Lebanon’s Cards and Payments market.
Realize how the growth of prepaid cards and contactless payments is driving the industry forward.
Uncover how the preferences of the consumer can impact the industry as a whole.
Gain the upper hand by reviewing the main strategies adopted by other key operators within the industry.
Obtain an insight into the emerging consumer attitudes and trends.
Comprehensive Table of Contents and more on the report @ http://www.rnrmarketresearch.com/emerging-opportunities-in-lebanons-cards-and-payments-industry-market-size-trends-and-drivers-strategies-products-and-competitive-landscape-market-report.html