Synopsis
The report provides market analysis,
information and insights into Bahrain’s cards and payments market, including:
- Current and forecast values for each category of Bahrain’s cards and payments industry including debit cards, credit cards, prepaid cards and charge cards
- Comprehensive analysis of the industry’s market attractiveness and future growth areas
- Analysis of various market drivers and regulations governing Bahrain’s cards and payments industry
- Detailed analysis of the marketing strategies adopted for selling debit, credit, charge and prepaid cards used by various bankers and other institutions in the market
- Comprehensive analysis of consumer attitudes and their buying preferences for cards
- Competitive landscape of Bahrain’s cards and payments industry
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Executive summary
Steady economic growth, a rise in
the banked population, and improvements in payment infrastructure are resulting
in the growing popularity of card payments in Bahrain. In terms of number of
cards, Bahrain’s card payments channel recorded strong growth at a CAGR of
11.08% during the review period (2008–2012). This was mainly driven by growth
in the prepaid and debit card categories. The total number of cards in
circulation increased from 654,118 in 2008 to 996,028 in 2012. Over the
forecast period (2013–2017), the card payments channel is forecast to grow at a
CAGR of 5.20%, from 1.1 million cards in 2013 to 1.3 million cards in 2017.
The prepaid cards category is
growing rapidly in Bahrain. Although prepaid cards held a low share of 8.8% in
2012, it recorded a CAGR of 28.29% in terms of number of cards in circulation
during the review period. The number of prepaid cards in circulation grew from
32,321 in 2008 to 87,558 in 2012. It is projected to record a CAGR of 17.27%
over the forecast period. The increasing preference for Islamic banking
provides high growth potential for prepaid cards as it is compliant with
Islamic Sharia law.
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