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Payments Landscape in Kuwait: Opportunities and Risks to 2022

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Payments Landscape in Kuwait: Opportunities and Risks to 2022

Summary

GlobalData's "Payments Landscape in Kuwait: Opportunities and Risks to 2022", report provides detailed analysis of market trends in Kuwait's 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 (2014-18e).

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 (2018-22f). It also offers information on the country's competitive landscape, including the 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 details of regulatory policy and recent changes in the regulatory structure.

This report provides top-level market analysis, information and insights into Kuwait's cards and payments industry, including-

- Current and forecast values for each market in Kuwait's cards and payments industry, including debit, credit and charge cards.

- Detailed insights into payment instruments including cheques and 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 Kuwait's cards and payments industry.

- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.

Scope

- Banks are increasingly focusing on innovation to offer improved products and services, the latest being the introduction of biometric credit cards by National Bank of Kuwait (NBK) in partnership with Mastercard in May 2018. The credit cards can be used at existing EMV-compliant POS terminals, while the transactions made using the card are authenticated by verifying the card holder's fingerprint. Furthermore, NBK and Mastercard launched the Mastercard Identity Check solution at the same time. The solution uses fingerprint, facial, and voice recognition to verify a user's identity through their mobile device, eliminating the need for passwords or security questions. Earlier in May 2016, Gulf Bank launched Blinking to Bank, a mobile banking app that uses biometric verification. Users can log in to the app either by blinking their eyes at their smartphone camera and using their fingerprint, or using a traditional password. The app can be used for a range of services, including accessing personal accounts, adding and managing beneficiaries, and setting up future-dated transactions.

- Alternative payments are gradually gaining traction, with banks, schemes, and telecom operators launching their solutions in the market. In July 2017, KFH launched its digital wallet KFH Wallet, allowing Mastercard credit card and prepaid card holders to make contactless in-store payments. For secure transactions, users are required to enter a PIN or a fingerprint ID before completing the transaction. To increase its use, in June 2018 the bank partnered with Visa to allow Visa credit and prepaid cards to be added to the wallet. Similarly, Visa launched Visa Checkout in June 2017 in association with KFH, enabling consumers to make online payments securely through mobiles, tablets, and laptops. Other international alternative payments such as PayPal, Masterpass, and paysafecard are also available in Kuwait.

- Major international schemes are establishing operations in the country, boosting overall payment card market growth. UnionPay International in May 2018 signed a strategic cooperation agreement with the Shared Electronic Banking Service Company, KNET. The firms previously signed a joint cooperation deal in 2015 to connect their respective switches in order to provide UnionPay with fast entry into the country's market. Under the terms of the cooperation agreement, KNET's point-of-sale (POS) switch system will be linked to the local commercial banks and additional POS acquirers. In addition, UnionPay contactless payment solutions such as IC Card QuickPass will be accepted at all POS terminals.

Reasons to buy

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

- Understand the key market trends and growth opportunities in Kuwait's cards and payments industry.

- Assess the competitive dynamics in Kuwait's cards and payments industry.

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

- Gain insights into key regulations governing Kuwait's cards and payments industry.

READ MORE

Table Of Content

Scope

Table of Contents

Market Overview

Executive Summary

Card-based Payments

E-commerce Payments

Alternative Payments

Payments Infrastructure & Regulation

Appendix

Licence Rights

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License: 
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Section Purchase

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Products and Companies


Companies

Kuwait Finance House

National Bank of Kuwait

Commercial Bank of Kuwait

Gulf Bank

Ahli United Bank

Al Ahli Bank of Kuwait

Boubyan Bank

Visa

Mastercard

American Express

Diners Club

Company Profile

Company Profile Title

Payments Landscape in Kuwait: Opportunities and Risks to 2022

Summary

GlobalData's "Payments Landscape in Kuwait: Opportunities and Risks to 2022", report provides detailed analysis of market trends in Kuwait's 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 (2014-18e).

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 (2018-22f). It also offers information on the country's competitive landscape, including the 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 details of regulatory policy and recent changes in the regulatory structure.

This report provides top-level market analysis, information and insights into Kuwait's cards and payments industry, including-

- Current and forecast values for each market in Kuwait's cards and payments industry, including debit, credit and charge cards.

- Detailed insights into payment instruments including cheques and 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 Kuwait's cards and payments industry.

- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.

Scope

- Banks are increasingly focusing on innovation to offer improved products and services, the latest being the introduction of biometric credit cards by National Bank of Kuwait (NBK) in partnership with Mastercard in May 2018. The credit cards can be used at existing EMV-compliant POS terminals, while the transactions made using the card are authenticated by verifying the card holder's fingerprint. Furthermore, NBK and Mastercard launched the Mastercard Identity Check solution at the same time. The solution uses fingerprint, facial, and voice recognition to verify a user's identity through their mobile device, eliminating the need for passwords or security questions. Earlier in May 2016, Gulf Bank launched Blinking to Bank, a mobile banking app that uses biometric verification. Users can log in to the app either by blinking their eyes at their smartphone camera and using their fingerprint, or using a traditional password. The app can be used for a range of services, including accessing personal accounts, adding and managing beneficiaries, and setting up future-dated transactions.

- Alternative payments are gradually gaining traction, with banks, schemes, and telecom operators launching their solutions in the market. In July 2017, KFH launched its digital wallet KFH Wallet, allowing Mastercard credit card and prepaid card holders to make contactless in-store payments. For secure transactions, users are required to enter a PIN or a fingerprint ID before completing the transaction. To increase its use, in June 2018 the bank partnered with Visa to allow Visa credit and prepaid cards to be added to the wallet. Similarly, Visa launched Visa Checkout in June 2017 in association with KFH, enabling consumers to make online payments securely through mobiles, tablets, and laptops. Other international alternative payments such as PayPal, Masterpass, and paysafecard are also available in Kuwait.

- Major international schemes are establishing operations in the country, boosting overall payment card market growth. UnionPay International in May 2018 signed a strategic cooperation agreement with the Shared Electronic Banking Service Company, KNET. The firms previously signed a joint cooperation deal in 2015 to connect their respective switches in order to provide UnionPay with fast entry into the country's market. Under the terms of the cooperation agreement, KNET's point-of-sale (POS) switch system will be linked to the local commercial banks and additional POS acquirers. In addition, UnionPay contactless payment solutions such as IC Card QuickPass will be accepted at all POS terminals.

Reasons to buy

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

- Understand the key market trends and growth opportunities in Kuwait's cards and payments industry.

- Assess the competitive dynamics in Kuwait's cards and payments industry.

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

- Gain insights into key regulations governing Kuwait's cards and payments industry.

READ MORE

Scope

Table of Contents

Market Overview

Executive Summary

Card-based Payments

E-commerce Payments

Alternative Payments

Payments Infrastructure & Regulation

Appendix

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License: 
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

To know more information on Purchase by Section, please send a mail to support@kenresearch.com

INQUIRE FOR COVID-19 IMPACT ANALYSIS


Companies

Kuwait Finance House

National Bank of Kuwait

Commercial Bank of Kuwait

Gulf Bank

Ahli United Bank

Al Ahli Bank of Kuwait

Boubyan Bank

Visa

Mastercard

American Express

Diners Club