The Cards and Payments Industry in Saudi Arabia: Emerging Trends and Opportunities to 2020
New Financial Services market report from Timetric: "The Cards and Payments Industry in Saudi Arabia: Emerging Trends and Opportunities to 2020"
[ClickPress, Thu Jul 14 2016] Timetric's 'The Cards and Payments Industry in Saudi Arabia: Emerging Trends and Opportunities to 2020' report provides top-level market analysis, information and insights into the Saudi Arabian cards and payments industry, including:
* Current and forecast values for each market in the Saudi Arabian cards and payments industry, including debit and pay later cards.
* Detailed insights into payment instruments including credit transfers, direct debits, cash transactions, checks and payment cards. It also, includes an overview of the country's key alternative payment instruments.
* E-commerce market analysis and payment types.
* Analysis of various market drivers and regulations governing the Saudi Arabian cards and payments industry.
* Detailed analysis of strategies adopted by banks and other institutions to market debit and pay later cards.
* Comprehensive analysis of consumer attitudes and buying preferences for cards.
* The competitive landscape in the Saudi Arabian cards and payments industry.
Full Report Details at
* To capitalize on the growing e-commerce market, Swedish banks expanded Swish, a widely used mobile app for online transactions in January 2016. The app was previously used only for peer-to-peer (P2P) and in-store payments. Swish is owned by a consortium of six Swedish banks - Danske Bank, Handelsbanken, Lansforsakringar Bank, Nordea, SEB and Swedbank. Since its launch, Swish has grown in popularity, with 4.4 million users in Sweden as of June 7, 2016. In December 2015, US$688.4 million (SEK5.8 billion) worth of transactions were performed using Swish, which increased to US$892.3 million (SEK7.5 billion) in May 2016. This move to expand Swish's scope for e-commerce transactions is expected to drive mobile payments (m-payments).
* To provide convenient and secured online payments for Swedish consumers, MasterCard launched the MasterPass digital wallet, in association with Nordea, SEB and Swedbank, in December 2015, followed by ICA Banken and Resurs Bank in early 2016. MasterPass users can shop online without having to enter payment and shipping information with every purchase. Swedish consumers can use MasterPass for online and in-app shopping, and the service will gradually be extended to retail payments.
* In an attempt to tackle deflation and spur consumer spending, Sweden's central bank - Riksbank - lowered its repo rate to -0.10% in February 2015 and to -0.50% in April 2016, resulting in negative returns on savings and deposits with commercial banks. This will compel consumers to spend, gradually helping the country out of deflation. Over the forecast period (2016-2020), inflation is anticipated to gradually rise from 1.2% in 2016 to 2.1% in 2020. A rise in consumer spending will drive payment card transaction volumes and values.
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