Kuwait Cards And Payments Market Opportunities And Risks To 2028: Banks Are Launching Sharia-Compliant International Banking Services To Boost Card Usage And Uptake

(MENAFN- GlobeNewsWire - Nasdaq) Dublin, May 13, 2024 (GLOBE NEWSWIRE) -- The "Kuwait Cards and Payments market Size, Opportunities and Risks to 2028" report has been added to ResearchAndMarkets's offering.

The report provides detailed analysis of market trends in the Kuwaiti cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards, cash, credit transfer, direct debits, and cheques during the review-period (2020-24e).
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 (2024e-28f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.
The report brings together the research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

Market Insights

  • 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.

The report provides top-level market analysis, information and insights into the Kuwaiti cards and payments industry, including:

  • Current and forecast values for each market in the Kuwaiti cards and payments industry, including debit, credit and charge cards.
  • Detailed insights into payment instruments including cards, and cheques. It also, includes an overview of the country's key alternative payment instruments.
  • Ecommerce market analysis.
  • Analysis of various market drivers and regulations governing the Kuwaiti cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
  • Comprehensive analysis of consumer attitudes and buying preferences for cards.
  • The competitive landscape of the Kuwaiti cards and payments industry.

Company Coverage:

  • KFH
  • NBK
  • Commercial Bank of Kuwait
  • Gulf Bank
  • Al Ahli Bank of Kuwait
  • Boubyan Bank
  • Ahli United Bank
  • Diners Club
  • Visa
  • American Express
  • Mastercard

Key Topics Covered:

  • Executive Summary
  • Market Overview
  • Payment Instruments
  • Card-Based Payments
  • Ecommerce Payments
  • Alternative Payments
  • Payment Innovations
  • Job Analysis
  • Payment Infrastructure and Regulation

For more information about this report visit

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