Iran Cards and Payments – Opportunities and Risks to 2028

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Iran Cards and Payments Market Report Overview

The annual value of card transactions in the Iran cards and payments market was $3.9 trillion in 2023. The value will grow at a CAGR of more than 18% during 2024-2028 owing to the improvements to the country’s payments infrastructure and an increase in the number of retailers accepting payment cards.

Iran Card Transactions Outlook, 2023-2028 ($ Trillion)

Iran Card Transactions Outlook, 2023-2028 ($ Trillion)

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The Iran 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 Iran 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) $3.9 Trillion
CAGR (2024-2028) >18%
Forecast Period 2024-2028
Historical Period 2019-2023
Key Payment Instruments ·       Cards

·       Credit Transfers

·       Cheques

Key Segments ·       Card-Based Payments

·       Alternative Payments

Leading Players ·       Bank Melli Iran

·       Bank Mellat

·       Tejarat Bank

·       Phone Pay

·       Hamrah Card

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Iran Cards and Payments Market Dynamics

In 2023, the payment card transaction volume recorded significant growth in Iran. The country’s payment card market penetration rate per individual is higher than those of its neighboring countries such as Israel, Kuwait, the UAE, Bahrain, Saudi Arabia, Lebanon, and Oman. The high penetration rate in Iran can be attributed to the country’s large banked population, as well as the implementation of various government initiatives to encourage electronic payments.

Although US sanctions have isolated Iran from the global payment system, electronic payments are likely to grow in the country. The adoption of new technologies and the availability of various alternative payment solutions will further propel the payments market growth. Furthermore, the launch of the digital rial will also facilitate the uptake of electronic payments.

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Iran Cards and Payments Market Segmentation by Payment Instruments

Cards had the highest transaction volume in the Iran payments space in 2023

The key payment instruments in the Iran cards and payments market are cards, credit transfers, and cheques. The growth of payment cards can be attributed to Iran’s highly banked population, in addition to government initiatives to promote electronic payments and growing awareness of the benefits of payment cards. All interbank transactions are settled via Shetab, which processes electronic transactions made at ATMs and POS terminals, as well as via landlines, the internet, kiosks, and PIN pads.

Iran Cards and Payments Market Analysis by Payment Instruments (Volume Terms), 2023 (%)

Iran Cards and Payments Market Analysis by Payment Instruments (Volume Terms), 2023 (%)

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Iran Cards and Payments Market Segments

Debit cards dominated the payment card market in 2023

The key segments in the Iran cards and payments market are card-based payments and alternative payments.

Card-Based Payments: The payment card market registered significant growth over 2019-2023 owing to Iran’s large banked population and infrastructure improvements. The growth in the number of retailers accepting cards and a general consumer shift toward card-based payments also propelled the card market growth.

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Iran Cards and Payments Market - Competitive Landscape

A few of the leading players in the Iran cards and payments market are Bank Melli Iran, Bank Mellat, Tejarat Bank, Phone Pay, and Hamrah Card among others.

Hamrah Card: Hamrah Card is a payment solution offered by domestic payment firm eFarda. The solution can be used to make card-to-card fund transfers, QR code-based payments, smartphone top-ups, utility bill payments, and charitable donations. Users can store their payment card details by scanning the front of the card with the app, or by entering the information manually. Payments are charged to the linked payment card.

Iran Cards and Payments Market Analysis by Players, 2023

Iran Cards and Payments Market Analysis by Players, 2023Buy the Full Report to Know More about the Players in the Iran Cards and Payments Market  Download a Free Sample Report

Iran Cards and Payments Market – Latest Developments

  • In April 2021, the central bank lifted the prohibition on business debit cards. Banks are now allowed to offer debit cards along with business accounts for companies and legal entities, after verifying relevant documents such as articles of association.
  • In January 2024, Iran Zamin Bank launched the Amber mobile app, enabling users to make contactless in-store payments using NFC-enabled smartphones. Once customers add their payment card details to the app, they can complete payments by placing their smartphones close to contactless-enabled POS terminals.

Segments Covered in the Report

Iran Cards and Payments Instruments Outlook (Value, $ Trillion, 2019-2028)

  • Cards
  • Credit Transfers
  • Cheques

Iran Cards and Payments Market Segments Outlook (Value, $ Trillion, 2019-2028)

  • Card-Based Payments
  • Alternative Payments


The report provides:

  • Current and forecast values for each market in the Iran cards and payments industry, including debit and credit cards.
  • Detailed insights into payment instruments including cards, credit transfers, and cheques. 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 the Iran cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
  • Comprehensive analysis of consumer attitudes and buying preferences for cards.
  • AN overview of the competitive landscape of the Iran cards and payments industry.

Reasons to Buy

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

Bank Melli Iran
Bank Saderat Iran
Bank Mellat
Bank Sepah
Tejarat Bank
Bank Keshavarzi
Bank Maskan
Post Bank of Iran
Parsian Bank
Refah Bank
TT Bank
TAT Bank
Qarzol-Hasane Mehr Iran Bank
Ansar Bank
Pasargad Bank
EN Bank
Sina Bank
Saman Bank
Sarmayeh Bank

Table of Contents

Executive Summary

Market Overview

Payment Instruments

Card-Based Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation


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