Czech Republic Cards and Payments – Opportunities and Risks to 2027

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Czech Republic Cards and Payments Market Report Overview

The annual value of card transactions in the Czech Republic cards and payments market was $75.6 billion in 2023 and will grow at a CAGR of more than 11% during 2023-2027. The country’s payment card market is mainly driven by debit cards as consumers are gradually replacing cash with debit cards for low-value transactions.

Czech Republic Card Transactions Outlook, 2023-2027 ($ Billion)

Czech Republic Card Transactions Outlook, 2023-2027 ($ Billion)

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The Czech Republic cards and payments market research report provides a detailed analysis of market trends influencing the industry. It provides transaction values and volumes for several payment instruments for the review period. In addition, the Czech Republic cards and payments market analysis offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report also entails regulatory policy details and provides extensive coverage of any recent changes in the regulatory structure.

Annual Card Transactions Value (2023) $75.6 billion
CAGR (2023-2027) >11%
Forecast Period 2023-2027
Historical Period 2019-2022
Key Payment Instruments ·        Cards

·        Cash

·        Credit Transfers

·        Direct Debits

·        Cheques

Key Segments ·        Card-Based Payments

·        E-commerce Payments

·        Alternative Payments

Leading Players ·        Raiffeisen Bank

·        Societe Generale Group

·        MONETA Money Bank

·        Česká spořitelna

·        ČSOB

·        Others

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Czech Republic Cards and Payments Market Dynamics

Debit cards accounted for the highest payment card transaction value in 2023e, supported by a growing banked population. Growth in the usage of debit cards was also aided by government financial inclusion initiatives, the opening of digital bank accounts, value-added benefits provided by banks to encourage debit card payments, and the rising consumer preference for contactless payments.

The Czech ecommerce market is one of the fastest growing in Europe because of the rising internet and smartphone penetration. Online shopping events such as Black Friday and Cyber Monday have also driven the performance of the ecommerce market.

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Czech Republic Cards and Payments Market Segmentation by Payment Instruments

Cash had the highest share of payment transaction volume in 2023

The key payment instruments in the Czech Republic cards and payments market are cards, cash, credit transfers, direct debits, and cheques.

Cash maintains a secure position in the country’s payment landscape and is mainly used for day-to-day, low-value transactions. The government is taking several financial inclusion initiatives to reduce dependency on cash usage among Czechs. Furthermore, the growing adoption of instant payments and contactless payments will ease dependency on cash.

Czech Republic Cards and Payments Market Analysis by Payment Instruments (Volume), 2023 (%)

Czech Republic Cards and Payments Market Analysis by Payment Instruments (Volume), 2023 (%)

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Czech Republic Cards and Payments Market Segments

The key segments in the Czech Republic cards and payments market are card-based payments, e-commerce payments, and alternative payments.

Card-Based Payments: Growth in banking penetration, increased financial-awareness among citizens, and efforts by banks to promote electronic payments have supported the growth of the payments card market.

The debit card segment accounted for the highest share of cards in circulation, transaction volume, and transaction value in the country’s payment cards market in 2023. In line with EU directives, every citizen is entitled to a bank account offering basic features including a debit card, cash withdrawals, and payment transfers. As a result, banks offer low-cost bank accounts to serve the unbanked population.

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Czech Republic Cards and Payments Market - Competitive Landscape

A few of the leading players in the Czech Republic cards and payments market are Raiffeisen Bank, Societe Generale Group, MONETA Money Bank, Česká spořitelna, ČSOB among others.

Czech Republic Cards and Payments Market Analysis by Players, 2023

Czech Republic Cards and Payments Market Analysis by Players, 2023

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Key Developments

  • In April 2023, German-based retailer Kaufland launched its online marketplace. This was followed by Poland-based retailer Allegro launching its own marketplace in the Czech Republic in May 2023.
  • In September 2022, Sweden-based BNPL provider Klarna launched in the Czech Republic. It offers both immediate and credit options for ecommerce purchases, allowing customers to make payments within 30 days of receiving their items.

Segments Covered in the Report

Czech Republic Cards and Payments Instruments Outlook (Value, $ Billion, 2019-2027)

  • Cards
  • Cash
  • Credit Transfers
  • Direct Debits
  • Cheques

Czech Republic Cards and Payments Market Segments Outlook (Value, $ Billion, 2019-2027)

  • Card-Based Payments
  • E-commerce Payments
  • Alternative Payments

Scope

The Czech National Bank (CNB), the country’s central bank, is playing a key role in promoting digital payments in the country. As an example, in November 2023, the CNB collaborated with six banks, namely Air Bank, Raiffeisenbank, Ceska sporitelna, Fio Banka, CSOB, and Komercni Banka, to launch a payment service called Platba na contact (Pay a Contact). The solution allows P2P fund transfers and online payments simply by selecting the recipient’s mobile number, eliminating the need for bank account details. The solution works with Czech and Slovak mobile numbers only. Customers of participating banks can transfer between each other using their mobile numbers, to a maximum transfer limit of CZK5,000 ($221.55). Two more banks, UniCredit Bank and MONETA Money Bank, are set to join this payment service in 2024.

Czech payment infrastructure is poised for a significant transformation, as the number of payment terminals in the country will reach 312,337 in 2027, having increased at a CAGR of 7.8% from 2023. This progress will be partially driven by the government-led initiative called Czechia Pays by Card, which was launched in 2020. As part of the program, self-employed individuals and SMEs were offered POS terminals free of charge for six months. This scheme was extended until March 31, 2025, to further promote POS uptake among small merchants.

To capitalize on the growing ecommerce market, an increasing number of companies are launching online services. German-based retailer Kaufland launched its online marketplace in April 2023. This was followed by Poland-based retailer Allegro launching its own marketplace in the Czech Republic in May 2023. The arrival of international ecommerce brands is set to increase competition in the sector.

Reasons to Buy

  • Make strategic business decisions, using top-level historical and forecast market data, related to the Czech Republic cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in Czech Republic’s cards and payments industry.
  • Assess the competitive dynamics in the Czech Republic cards and payments industry.
  • Gain insights into marketing strategies used for various card types in Czech Republic.
  • Gain insights into key regulations governing Czech Republic’s cards and payments industry.

Česká spořitelna
ČSOB
Societe Generale Group
Raiffeisen Bank
Air Bank
MONETA Money Bank
UniCredit Bank
Equa Bank
Mastercard
Visa
Diners Club
Czech National Bank

Table of Contents

Executive Summary

Market Overview

Payment Instruments

Card-Based Payments

Ecommerce Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation

Appendix

Frequently asked questions

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