Kuwait Cards and Payments – Opportunities and Risks to 2027
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Kuwait Cards and Payments Market Report Overview
The Kuwait cards and payments market size was valued at $123.5 billion in 2023. The market is expected to grow at a CAGR of more than 12% during 2023-2027. The combined efforts of the government and financial institutions to promote electronic payments is one of the key drivers propelling the Kuwait cards and payments market growth. In addition, developing and expanding payment acceptance infrastructure have encouraged consumers to use electronic payments for day-to-day transactions.
Kuwait Cards and Payments Market Outlook, 2023-2027 ($ Billion)
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The Kuwait cards and payments market research report provides a detailed analysis of market trends in the Kuwait cards and payments industry. It provides values and volumes for several key performance indicators in the industry cards, credit transfers, direct debits, and cheques during the review period. 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. It also offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report also covers details of regulatory policy and recent changes in the regulatory structure. It includes information on the payment instruments that are in use in the Kuwait market, the key segments within the market, as well as the companies associated with the Kuwait cards and payments market.
Market Size (2023) | $123.5 billion |
CAGR (2023-2027) | >12% |
Forecast Period | 2023-2027 |
Historical Period | 2019-2022 |
Key Payment Instruments | · Cards
· Cheques |
Key Segments | · Card-Based Payments
· E-commerce Payments · Alternative Payments |
Leading Players | · National Bank of Kuwait (NBK)
· Kuwait Finance House (KFH) · Central Bank of Kuwait (CBK) · Google Pay · Apple Pay · Samsung Pay · Visa · PayPal · KFH Wallet |
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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 (%)
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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
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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
This report provides top-level market analysis, information, and insights into the Kuwait cards and payments industry, including –
- Current and forecast values for each market in the Kuwait cards and payments industry, including debit and credit cards.
- Detailed insights into payment instruments including cards, credit transfers, direct debits, 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 Kuwait 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.
- The competitive landscape of the Kuwait cards and payments industry.
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.
CBK
Commercial Bank of Kuwait
KFH
NBK
Visa
Mastercard
American Express
Table of Contents
Frequently asked questions
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What is the Kuwait cards and payments market size in 2023?
The cards and payments market size in Kuwait is valued at $123.5 billion in 2023.
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What is the Kuwait cards and payments market growth rate?
The cards and payments market in Kuwait is expected to achieve a CAGR of more than 12% during 2023-2027.
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Which is the leading payment instrument in the Kuwait cards and payments market in 2023?
Cards is the leading payment instrument in the Kuwait cards and payments market in 2023.
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Who are the leading players in the Kuwait cards and payments market?
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.
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