Slovakia Cards and Payments – Opportunities and Risks to 2028

Slovakia Cards and Payments Market Report Overview

The annual value of card transactions in the Slovakia cards and payments market was $27.6 billion in 2023. The value will grow at a CAGR of more than 7% during 2024-2028 owing to the growing adoption of contactless cards for payments.

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

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The Slovakia 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 Slovakia 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.

Slovakia Cards and Payments Market Dynamics

Cash remains the preferred method of payment in Slovakia, mainly used for day-to-day, low-value purchases. However, the government’s financial inclusion efforts have supported the growth of the payment card market in the country. Consequently, payment card usage frequency is expected to grow significantly over the forecast period. The rising usage of debit cards will propel the growth of the Slovakian payment card market in the coming years. The credit card market has yet to gain traction, primarily due to the debt-averse consumers and the availability of overdraft facilities.

Post-pandemic, the credit and charge card market faced new challenges in the form of geopolitical uncertainty caused by the Russia/Ukraine conflict and rising inflation. Yet the market has remained mostly resilient, registering high transaction volume and value growth rate in 2023e. To tame inflation, the European Central Bank has gradually increased its benchmark interest rate.

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Slovakia Cards and Payments Market Segmentation by Payment Instruments

Cash had the highest transaction volume in the Slovakia payments space in 2023

The key payment instruments in the Slovakia cards and payments market are cash, cards, credit transfers, direct debits, and cheques. Slovakia is a cash-based economy, with cash typically used for day-to-day transactions. However, the share of cash transactions is gradually falling as electronic payments grow in popularity. Growth in banking penetration, increasing financial knowledge among citizens, and efforts by banks to promote electronic payments have supported the growth of the payment card market.

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

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Slovakia Cards and Payments Market Segments

Debit cards dominated the payment card market in 2023

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

Card-Based Payments: The payment card market registered significant growth in terms of payment volume and value over 2019-2023, indicating a shift away from cash. Growth in banking penetration, increasing financial knowledge among citizens, and efforts by banks to promote electronic payments have supported the growth of the payment card market. the convenience of electronic payments, improving payment infrastructure, and the availability of contactless technology will further propel the market growth in the coming years

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Slovakia Cards and Payments Market - Competitive Landscape

A few of the leading players in the Slovakia cards and payments market are Slovenska sporiteľna, VUB Banka, CSOB, Raiffeisen Bank, UniCredit Bank, Apple Pay, and Google Pay among others.

Apple Pay: It was launched in Slovakia in June 2019. It enables users to make contactless in-store, in-app, and online payments. Users can add their debit and credit cards to Apple Pay by scanning them with their phone’s camera or by entering the details manually. In addition, to make an in-store payment, users place their finger on the phone and bring it close to the POS terminal.

Slovakia Cards and Payments Market Analysis by Players, 2023

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Slovakia Cards and Payments Market – Latest Developments

• In October 2023, Denmark-based fintech company SoftPay and POS solutions provider Dotykacka launched an app that turns Android smartphones into contactless payment terminals.
• In May 2022, EasyPark was launched in Slovakia. Users need to register their phone number, payment method, and license plate number within the EasyPark app to use the service. Parking fees are deducted from the user’s registered payment card.

Segments Covered in the Report

Slovakia Cards and Payments Instruments Outlook (Value, $ Billion, 2019-2028)

• Cash
• Cards
• Credit Transfers
• Direct Debits
• Cheques

Slovakia Cards and Payments Market Segments Outlook (Value, $ Billion, 2019-2028)

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

Scope

The report provides:

• Current and forecast values for each market in the Slovakia cards and payments industry, including debit and credit cards.
• Detailed insights into payment instruments including cash, 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 Slovakia 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 Slovakia cards and payments industry.

Reasons to Buy

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