Kuwait Cards and Payments – Opportunities and Risks to 2028

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Kuwait Cards and Payments Market Report Overview

The annual value of card transactions in the Kuwait cards and payments market was $126.6 billion in 2023 and the value will grow at a CAGR of more than 6% during 2024-2028. Kuwait’s payment card market is growing, driven by the combined efforts of the government and financial institutions to promote electronic payments. In addition, a developing and expanding payment acceptance infrastructure has encouraged consumers to use electronic payments for day-to-day transactions.

Kuwait Card Transactions Outlook, 2023-2028 ($ Billion)

Kuwait Card Transactions Outlook, 2023-2028 ($ Billion)

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The Kuwait 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 Kuwait 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) $126.6 billion
CAGR (2024-2028) >6%
Forecast Period 2024-2028
Historical Period 2019-2023
Key Payment Instruments ·       Cards

·       Cheques

Key Segments ·       Card-Based Payments

·       E-commerce Payments

·       Alternative Payments

Leading Players ·       Kuwait Finance House (KFH)

·       National Bank of Kuwait (NBK)

·       Al Ahli Bank of Kuwait (ABK)

·       Boubyan Bank

·       Google Pay

·       Samsung Pay

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Kuwait Cards and Payments Market Dynamics

Kuwait’s payment card landscape is dominated by debit cards because of the growing financial awareness and a rising banked population. Furthermore, banks and scheme providers are offering cashback, discounts, and reward programs to drive debit card usage in the country.

However, the credit and charge card market is still in the developmental phase as Kuwaitis prefer debt-free payment methods. Banks are attempting to increase uptake and usage by offering credit cards as part of bundled packages along with interest-free installment facilities and value-added benefits such as reward points and discounts.

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Kuwait Cards and Payments Market Segmentation by Payment Instruments

Cards accounted for a high share of payment transaction volume in 2023

The key payment instruments in the Kuwait cards and payments market are cards and cheques. The growing preference for e-commerce purchases, the gradual adoption of contactless cards, and a rise in merchant acceptance of payment cards will boost the payment card market going forward.

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

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

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Kuwait Cards and Payments Market Segments

Debit cards dominated the payment card market in 2023

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

E-commerce Payments: E-commerce in Kuwait is set to grow robustly because of the country’s widespread smartphone penetration and internet connectivity. Moreover, with the growing e-commerce market, cargo companies are expanding their delivery services in the country. For instance, in August 2023, Emirates launched its delivery service SkyCargo in Kuwait. This service enables e-commerce users to get products delivered from other countries.

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Kuwait Cards and Payments Market - Competitive Landscape

A few of the leading players in the Kuwait cards and payments market are Kuwait Finance House (KFH), National Bank of Kuwait (NBK), Al Ahli Bank of Kuwait (ABK), Boubyan Bank, Google Pay, and Samsung Pay.

Kuwait Cards and Payments Market Analysis by Players, 2023

Kuwait Cards and Payments Market Analysis by Players, 2023

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Kuwait Cards and Payments Market – Latest Developments

  • 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.
  • In December 2023, KNET launched the SoftPOS app in Kuwait. This solution allows merchants to accept payments using Android mobile devices. Payments can be made by tapping a contactless card or an NFC-enabled smartphone.

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 historical and forecast market data, related to the Kuwait cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in the Kuwait cards and payments industry.
  • Assess the competitive dynamics in the Kuwait cards and payments industry.
  • Gain insights into marketing strategies used for various card types in Kuwait.
  • Gain insights into key regulations governing the Kuwait 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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