Iran Cards and Payments – Opportunities and Risks to 2026

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Iran Cards and Payments Market Report Overview

The Iran cards and payments market size was valued at $4.1 trillion in 2022 and is expected to achieve a CAGR of more than 26% during 2022-2026. Iran’s payment card market is relatively well-developed. The high penetration rate can be attributed to the country’s large banking population, as well as the implementation of various government initiatives to encourage electronic payments.

The Iran cards and payments market research report provides a detailed analysis of market trends in the Iran cards and payments market. The report provides values and volumes for several key performance indicators in the industry, including cards, credit transfers, and cheques during the review-period. It also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values, and volumes during the review period and over the forecast period. Moreover, it offers information on the country’s competitive landscape, including market shares of issuers and schemes.

Iran Cards and Payments Market Outlook, 2022-2026 ($ Trillion)

Iran Cards and Payments Market Outlook, 2022-2026 ($ Trillion)

 

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Iran Cards and Payments Market Dynamics

The central bank of Iran is focusing on boosting contactless mobile payments. In February 2021, it launched an EMV-based mobile payment system, which allows users to make NFC-based contactless mobile payments by adding their payment cards to supported mobile apps. As of September 2021, three banks and one payment service provider had enabled this contactless payment functionality at over 20,000 POS terminals.

Owing to the US sanctions and rising inflation, the Iranian rial (IRR) has been declining in value. Its value further deteriorated following the outbreak of COVID-19. To address this situation, in May 2020, the Iranian government passed a bill to replace the rial with the toman and in September 2022, the central bank began a trial of its digital currency, the digital rial.

Iran Cards and Payments Market Segmentation by Payment Instruments

The key payment instruments in the Iran cards and payments market are cards, credit transfers, and cheques. In 2022, cards were the major payment instrument. Technologies such as quick-response (QR) codes and near-field communication (NFC) will further promote the growth of payment cards in the coming years.

Iran Cards and Payments Market Analysis by Payment Instruments, 2022 (%)

Iran Cards and Payments Market Analysis by Payment Instruments, 2022 (%)

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Iran Cards and Payments Market Segments

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

Iran Cards and Payments Market - Competitive Landscape

Some of the leading players in the Iran cards and payments market are Bank Melli Iran, Bank Saderat Iran, Bank Mellat, Bank Sepah, Tejarat Bank, Bank Keshavarzi, Bank Maskan, Refah Bank, Parsian Bank, and Post Bank of Iran.

Iran Cards and Payments Market Report Overview

Market Size (2022) $4.1 trillion
CAGR >26%
Forecast Period 2022-2026
Historical Period 2018-2021
Key Payment Instruments Cards, Credit Transfers, and Cheques
Key Segments Card-Based Payments and Alternative Payments
Leading Players Bank Melli Iran, Bank Saderat Iran, Bank Mellat, Bank Sepah, Tejarat Bank, Bank Keshavarzi, Bank Maskan, Refah Bank, Parsian Bank, and Post Bank of Iran

Segments Covered in the Report 

Iran Cards and Payments Instruments Outlook (Value, $ Trillion, 2018-2026)

  • Cards
  • Credit Transfers
  • Cheques

Iran Cards and Payments Market Segments Outlook (Value, $ Trillion, 2018-2026)

  • Card-Based Payments
  • Alternative Payments

Scope

This report provides:

  • Current and forecast values for each market in the Iranian cards and payments industry, including debit and credit cards.
  • Detailed insights into payment instruments including cards 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 Iranian cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.

Reasons to Buy

This report provides:

  • Current and forecast values for each market in the Iranian cards and payments industry, including debit and credit cards.
  • Detailed insights into payment instruments including cards 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 Iranian cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.

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

Table of Contents

Table of Contents

Market Overview

Payment Instruments

Card-Based Payments

Alternative Payments

Payment Innovations

Payment Infrastructure and Regulation

Appendix

Frequently asked questions

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