Croatias Cards and Payments Industry: Market Driving Trends, Growth and Analysis

ResearchMoz.us include new market research report " Croatias Cards and Payments Industry: Global Market Size, Shares, Growth, Analysis, Trends And Forecast" to its huge collection of research reports.

Croatia became the 28th member of the European Union (EU) on July 1, 2013, and since has been trying to raise its competitiveness and is to benefit from EU funding to aid economic development and growth. Consequently, the government has undertaken labor, pension, social benefit and investment reforms, which are anticipated to stimulate employment opportunities. The privatization of large government-owned companies and access to EU funds are anticipated to provide support for the country’s economic recovery over the forecast period (2014–2018). However, the growth prospects for the cards and payments industry are anticipated to remain weak, until the economy re-enters a state of growth.

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In 2013, credit transfer and direct debit were the most popular payment instruments with a combined industry share of 90.3% in terms of transaction value, while payment cards accounted for a share of just 2.2%. The use of cash is increasing and its share rose from 6.3% in 2009 to 7.5% in 2013.

In terms of the number of cards in circulation, payment cards (debit, credit and charge cards) declined marginally during the review period, recording a compound annual growth rate (CAGR) of -0.39%, decreasing from 8.5 million in 2009 to 8.4 million in 2013. However, in terms of transaction value, payment cards valued HRK116.1 billion (US$20.3 billion) in 2013, after registering a review-period CAGR of 1.07%.

Improved banking infrastructure, new product developments, a higher awareness of electronic payments and the wider acceptance of payment cards at POS terminals were the main growth...