The Egyptian economy is the second-largest in the Middle East after Saudi Arabia. The economy depends largely on agriculture, tourism and cash remittances from Egyptians working abroad, mainly in Saudi Arabia and Gulf countries. With the government and banks striving to offer basic financial services to the unbanked population and banks expanding their presence in rural areas, the Egyptian cards and payments industry registered positive growth during the review period (2009–2013).
In July 2014, the newly elected President Abdel Fattah El-Sisi announced a wide range of reforms, introducing new taxes, increasing selected taxes, and reducing energy subsidies which are anticipated to spur economic growth over the forecast period (2014–2018). Other Arab countries including Saudi Arabia, the UAE and Kuwait have committed around US$20.0 billion to Egypt, through a mix of central bank deposits, cash grants, in-kind grants, and project aid, of which about US$15.0–16.0 billion was received as of June 2014, according to the World Bank. The reforms are anticipated to have a positive effect on the cards and payments industry.
Credit transfers and payment cards were the preferred payment instruments, having a combined industry share of 94.6% in terms of transaction value in 2013. The share of payment cards is increasing as the government and banks are increasing the awareness levels and benefits among consumers and merchants.
In terms of the number of cards in circulation, Egyptian payment cards (including debit and credit cards) registered positive growth during the review period, recording a compound annual growth rate (CAGR) of 11.17%, increasing from 10 million in 2009 to 15.3 million in 2013. In terms of transaction value, payment cards valued to EGP161.7 billion (US$23.5 billion) in 2013, after registering a review-period CAGR of 9.07%.
In 2013, the average transaction value (ATV) in Egypt was US$97.7, which was the lowest among Egypt’s peer countries: Oman, Kuwait, Saudi Arabia and the UAE. Kuwait recorded the highest ATV with US$919.6, followed by the UAE with US$263.1, Oman with 207.4 and Saudi Arabia with US$128.8.
In terms of card penetration, Egypt recorded 0.18 cards per inhabitant in 2013, while the UAE recorded 1.96, Kuwait recorded 1.32, Oman recorded 1.03 and Saudi Arabia recorded 0.69. In terms of frequency of use, Egypt recorded 15.7 transactions per card in 2013, while Saudi Arabia recorded 91.1, Kuwait recorded 47.7, the UAE recorded 43.1 and Oman recorded 13.4.
In 2010, the CBE selected GiroNil to co-develop the national Automated Clearing House (ACH) system in Egypt. The electronic network, built by the EBC and GiroNil Egypt, was launched in June 2010 when the CBE and all 38 banks operating in the market were successfully interlinked. The ACH system is designed to handle small-value retail payments and increase the use of cash substitutes, particularly cards. The growing payment infrastructure, with the CBE’s initiation, is forecast to increase card use and circulation in Egypt.
The report provides top-level market analysis, information and insights into Egypt’s cards and payments industry, including:
- Current and forecast values for each category of Egypt’s cards and payments industry, including debit cards, credit cards and prepaid cards
- Comprehensive analysis of the industry’s market attractiveness and future growth areas
- Analysis of various market drivers and regulations governing Egypt’s cards and payments industry
- Detailed analysis of the marketing strategies adopted for selling debit, credit and prepaid cards used by banks and other institutions in the market
- Comprehensive analysis of consumer attitudes and buying preferences for cards
- The competitive landscape of Egypt’s cards and payments industry
- This report provides a comprehensive analysis of Egypt’s cards and payments industry.
- It provides current values for Egypt’s cards and payments industry for 2013, and forecast figures for 0 2018.
- It details the different economic, infrastructural and business drivers affecting Egypt’s cards and payments industry.
- It outlines the current regulatory framework in the industry.
- It details the marketing strategies used by various banks and other institutions.
- It profiles the major banks in Egypt’s cards and payments industry.
Reasons to Buy
- Make strategic business decisions using top-level historic and forecast market data related to Egypt’s cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in Egypt’s cards and payments industry.
- Assess the competitive dynamics in Egypt’s cards and payments industry.
- Gain insights in to the marketing strategies used for selling various card types in Egypt.
- Gain insights into key regulations governing Egypt’s cards and payments industry.
Spanning over 82 pages, 55 Tables and 33 Figures “Egypt’s Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape” report Covering Key Facts and Events, Executive Summary, Payment Instruments, Market Attractiveness and Future Prospects of Cards and Payments, Analysis of Cards and Payments Industry Drivers, Emerging Consumer Attitudes and Trends, Payment Cards, Debit Cards, Credit Cards, Commercial Cards, Regulations in the Cards and Payments Industry, Card Fraud Statistics, Card Issuers, Card Schemes, Prepaid Cards, Appendix. This report Covered 8 Companies – National Bank of Egypt, Commercial International Bank, Qatar National Bank Egypt, Banque Misr, Crédit Agricole Egypt, 123 Network, MasterCard, Visa.
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