New Banking Report on Bahrains Cards and Payments Industry

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

Bahrain has a diversified economy with well-developed infrastructural facilities, and is home to large number of multinational companies in the Middle-East and North Africa (MENA). The government has encouraged investment in the financial service and tourism sectors as part of its economic diversification plans, with special emphasis on Islamic banking. The country has the region’s highest density of Islamic financial institutions, including 24 dedicated banks.

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Credit transfers and check payments were the preferred payment instruments, having a combined industry share of 99.4% in 2013 in terms of transaction value. The share of payment cards increased from 0.4% in 2009 to 0.6% in 2013, as the government and banks are taking initiatives to increase benefits and awareness levels among consumers and merchants.

In terms of the number of cards in circulation, Bahrain’s payment cards – including debit and credit cards – registered positive growth during the review period, recording a compound annual growth rate (CAGR) of 5.49%, increasing from 830,360 cards in 2009 to 1.0 million in 2013. In terms of transaction value, payment cards reached BHD1.1 billion (US$3 billion) in 2013, after registering a CAGR of 17.37%. Similarly in terms of transaction volume, payment cards registered a CAGR of 17.69%, reaching 16.1 million in 2013.

The average transaction value (ATV) in Bahrain was US$185.3 in 2013, which was higher than Saudi Arabia with US$131.3, but lower than other peer countries such as Kuwait, Oman and the UAE. Kuwait recorded the highest ATV with US$319.6,...