Kuwait Cards and Payments – Opportunities and Risks to 2028

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GlobalData’s ‘Kuwait Cards and Payments: Opportunities and Risks to 2028' report provides detailed analysis of market trends in the Kuwaiti cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards, cash, credit transfer, direct debits, and cheques during the review-period (2020–24e).

The report 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 (2024e–28f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

GlobalData’s ‘Kuwait Cards and Payments: Opportunities and Risks to 2028' report provides top-level market analysis, information and insights into the Kuwaiti cards and payments industry, including –
Current and forecast values for each market in the Kuwaiti cards and payments industry, including debit, credit and charge cards.
Detailed insights into payment instruments including cards, and cheques. It also, includes an overview of the country's key alternative payment instruments.
Ecommerce market analysis.
Analysis of various market drivers and regulations governing the Kuwaiti cards and payments industry.
Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
Comprehensive analysis of consumer attitudes and buying preferences for cards.
The competitive landscape of the Kuwaiti cards and payments industry.

Kuwait Cards and Payments Market Dynamics

Ongoing e-commerce growth, the adoption of contactless payments, and the emergence of digital-only banks are some of the factors that will drive electronic payments in Kuwait. Furthermore, the availability of alternative payment solutions such as Google Pay, Apple Pay, and Samsung Pay (as well as innovative payment solutions such as biometric cards) will encourage customers to switch to electronic payment. However, soaring inflation, economic instability, and geopolitical uncertainty will present challenges for the Kuwait cards and payment industry in the coming years.

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Kuwait Cards and Payments Market Segmentation by Payment Instruments

The key payment instruments in the Kuwait cards and payments market are cards and cheques. Card payment continues to lead the market in 2023, in terms of transaction volume and value. Government financial inclusion initiatives and expanding payment acceptance infrastructure have positively impacted the usage of card payments. Moreover, growth is also aided by the rising adoption of contactless payments in the country.

To drive adoption, banks in Kuwait offer Sharia-compliant credit cards. For example, Warba Bank offers the Sharia-compliant Mastercard Platinum credit card. Benefits include discounts on Cleartrip purchases, free airport lounge access, and purchase protection insurance.

Kuwait Cards and Payments Market Analysis by Payment Instruments, 2023 (%)

Kuwait Cards and Payments Market Analysis by Payment Instruments, 2023 (%)

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Kuwait Cards and Payments Market Segments

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

Card-Based Payments: Card payments have experienced significant growth, with transaction volume and value rising in 2023, primarily driven by financial inclusion and promotional strategies undertaken by banks and the central bank. In addition, the rising preference for e-commerce purchases, the gradual adoption of contactless cards, and a rise in merchant acceptance of payment cards are anticipated to boost the payment card market during the forecast period.

Kuwait Cards and Payments Market - Competitive Landscape

Some of the leading players in the Kuwait cards and payments market are the National Bank of Kuwait (NBK), Kuwait Finance House (KFH), Central Bank of Kuwait (CBK), Google Pay, Apple Pay, Samsung Pay, Visa, PayPal, and KFH Wallet. Kuwait’s credit and charge card market is highly concentrated, with the top five banks accounting for around 86% of total credit and charge card transaction value in 2023.

PayPal: It is a money transfer and e-commerce payment provider that supplies a flexible and private payment service with free accounts. It allows customers to transfer money from their bank account to their PayPal account to make online payments without the need for bank cards. The major advantage of this service is that the buyer’s financial information is not shared with the seller.

Kuwait Cards and Payments Market Analysis by Players, 2023

Kuwait Cards and Payments Market Analysis by Players, 2023

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Segments Covered in the Report

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

  • Cards
  • Cheques

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

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

Scope

The growing popularity of digital-only banks is driving competition in the banking space, thus boosting debit card holding. Additionally, banks are launching Sharia-compliant international banking services to boost card usage and uptake. In March 2023, digital-only bank Nomo (part of Bank of London and The Middle East, a subsidiary of Boubyan Bank) launched multi-currency bank accounts along with Nomo Mastercard debit cards. These enable card holders to conduct transactions in six different currencies (including the Kuwaiti dinar, the US dollar, and the euro). Similarly, in November 2023, Kuwait Finance House (KFH) launched a Sharia-compliant digital bank in Kuwait, called Tam Digital Bank. The bank offers a digital Visa-branded debit card and prepaid card.

To increase financial awareness in Kuwait, banks are offering financial literacy programs for young people. In January 2024, Al Ahli Bank of Kuwait (ABK) held a series of interactive financial literacy workshops at private schools in the country. As part of this, ABK’s corporate communications team engaged with over 600 students to introduce them to the concepts of saving, banking, and financial products. Such initiatives will boost the financial knowledge of young individuals, which in turn will drive the usage of banking products, including debit cards.

With the growing ecommerce market, cargo companies are expanding their delivery services in the country. For instance, Emirates launched its delivery service SkyCargo in Kuwait. This service enables ecommerce users to get products delivered from other countries. Additionally, online shopping events such as Black Friday and Cyber Monday will continue to boost ecommerce sales. To capitalize on the growing market, international companies are expanding their online services to Kuwait. For instance, in August 2023, Dubai-based retail giant Landmark Group launched its ecommerce platform in the country. The service launched with free home delivery and a 15-day returns policy.

Reasons to Buy

Make strategic business decisions, using top-level historic and forecast market data, related to the Kuwaiti cards and payments industry and each market within it.

Understand the key market trends and growth opportunities in the Kuwaiti cards and payments industry.

Assess the competitive dynamics in the Kuwaiti cards and payments industry.

Gain insights into marketing strategies used for various card types in Kuwait.

Gain insights into key regulations governing the Kuwaiti cards and payments industry.

KFH
NBK
Commercial Bank of Kuwait
Gulf Bank
Al Ahli Bank of Kuwait
Boubyan Bank
Ahli United Bank
Diners Club
Visa
American Express
Mastercard.

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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