RnRMarketResearch

Cards and Payments Industry for South Africa, South Korea & Norway 2018 Forecasts

 

Dallas, TX -- (ReleaseWire) -- 02/21/2014 -- The report provides top-level market analysis, information and insights into South Korea, Norway and South Africa’s cards and payments industry, including:
- Current and forecast values for each category of South Korea, Norway and South Africa’s cards and payments industry, including debit cards, credit cards and prepaid cards
- Comprehensive analysis of the industry’s market attractiveness and future growth areas
- Analysis of various market drivers and regulations governing South Korea, Norway and South Africa’s cards and payments industry
- Detailed analysis of the marketing strategies adopted for selling debit, credit and prepaid cards used by banks and other institutions in the market
- Comprehensive analysis of consumer attitudes and buying preferences for cards
- The competitive landscape of South Korea, Norway and South Africa’s cards and payments industry

Summary

The South African card payments channel registered growth during the review period (2009-2013). The number of cards in circulation recorded a review-period CAGR of 17.60%. The country’s positive economic outlook, the demand for more sophisticated prepaid and charge card products and the growth of online shopping supported the growth of the card payments channel. Over the forecast period (2014?2018), the channel is expected to increase at a CAGR of 7.60%, as consumers move away from cash payments. During the review period, the South African card payments channel grew in both volume and value terms. In terms of the volume of cards in circulation, debit cards accounted for the largest channel share of 58.0% in 2013, followed by prepaid cards with 26.0%. The main contributor to the growth of prepaid cards was a rise in demand for open-loop prepaid cards among the unbanked population. Technological developments were a key factor in the growth of the card payments channel in South Africa during the review period. Mini automatic teller machines (ATMs) were introduced by First National Bank, while mobile ATMs and wireless point of sale (POS) terminals were introduced by other national and foreign banks. With the increasing adoption of smart phones, handset manufacturers are promoting near-field communication (NFC) technology. However, retailers and banks in South Africa require clearly defined security benefits and cost-reductions before they will adopt NFC on a large scale.

Complete report of South Africa’s Cards and Payments Industry is available @ http://www.rnrmarketresearch.com/south-africas-cards-and-payments-industry-emerging-opportunities-trends-size-drivers-strategies-products-and-competitive-landscape-market-report.html .

The South Korean card payments channel registered growth during the review period (2009-2013) posting a compound annual growth rate (CAGR) of 4.22% to reach 294.4 million cards in circulation by the end of 2013. The card payments channel valued KRW986.0 trillion (US$899.5 billion) in 2013. Changing lifestyle demographics, the increased popularity of online shopping and higher disposable income per capita supported the growth of the volume of cards in circulation. The debit card category occupied the largest share and grew at a review-period CAGR of 4.19%. Over the forecast period (2014?2018) the debit card category is expected to post a CAGR of 1.84%. The credit card category occupied the second-largest share at a review-period CAGR of 2.82%. The credit card category is expected to register a forecast-period CAGR of 1.80%. An increase in household debt burden has prompted the South Korean government to introduce measures to discourage credit card spending.
The government reduced tax deductions on credit card transactions and increased tax deductions for debit and prepaid cards. During the first three quarters of 2011, merchandize credit valued KRW1.6 trillion (US$1.44 billion), whereas during the first three quarters of 2012, that value was reduced to KRW0.1 trillion (US$90 million). Spin-off credit card units are expected to increase competition over the forecast period. Many banks and non-bank firms opt for spin-off credit card firms in association with existing competitors such as telecom operators.

Complete report of South Korea’s Cards and Payments Industry is available @ http://www.rnrmarketresearch.com/south-koreas-cards-and-payments-industry-emerging-opportunities-trends-size-drivers-strategies-products-and-competitive-landscape-market-report.html .

The Norwegian card payments channel registered significant growth during the review period (2009-2013). In terms of number of cards in circulation, the card payments channel grew at a CAGR of 2.86% to reach 18.6 million cards by the end of 2013. In value terms, the channel valued NOK647.9 billion (US$108.9 billion) in 2013. Changing lifestyle demographics, the increased popularity of online shopping and higher disposable per capita incomes supported the growth of the number of cards in circulation.
The younger generation is a considerable and growing target group in terms of card spending. To tap into this younger population, SpareBank 1 SR-Bank in Norway offers a Visa card for children under 13 years old. Amounts in the accounts linked to this card can be controlled by parents, there is no issuance fee and it is free to use in stores and at SpareBank 1s ATMs. The bank also offers a Visa Electron credit card for people aged 13-18 years, with no annual fees and free use for retail payments in Norway and abroad. SpareBanken Vest also offers the Vestavinn 13-17 client program for teenagers to manage spending and savings. The program includes a Visa Electron 10-17 card with benefits such as no annual fees, fee-free purchases around the world and 24-hour withdrawal facilities at Union Bank Vest ATMs, and reduced-cost withdrawals in foreign countries.

Complete report of Norway’s Cards and Payments Industry is available @ http://www.rnrmarketresearch.com/norways-cards-and-payments-industry-emerging-opportunities-trends-size-drivers-strategies-products-and-competitive-landscape-market-report.html .

Scope

- This report provides a comprehensive analysis of South Korea, Norway and South Africa’s cards and payments industry.
- It provides current values for South Korea, Norway and South Africa’s cards and payments industry for 2013, and forecast figures for the period up to 2018.
- It details the different economic, infrastructural and business drivers affecting South Korea, Norway and South Africa’s cards and payments industry.
- It outlines the current regulatory framework in the industry.
- It details the marketing strategies used by various banks and other institutions.
- It profiles the major banks in South Korea, Norway and South Africa’s cards and payments industry.

Key Highlights

- The South Korea, Norway and South African card payments channel registered growth during the review period (2009-2013). The number of cards in circulation recorded a review-period CAGR of 17.60%. The country’s positive economic outlook, the demand for more sophisticated prepaid and charge card products and the growth of online shopping supported the growth of the card payments channel.
- In value terms, the card payments channel grew from ZAR856.6 billion (US$101.5 billion) in 2009 to ZAR1.4 trillion (US$140.5 billion) in 2013, at a CAGR of 12.07%. The card payments channel is expected to reach ZAR1.9 trillion (US$162.6 billion) in 2018, representative of a forecast-period CAGR of 7.07%. Growth is expected to be driven by demand for prepaid cards, regulatory improvements, and electronic and mobile commerce (e-commerce and m-commerce).
- Technological developments were a key factor in the growth of the card payments channel in South Korea, Norway and South Africa during the review period. Mini automatic teller machines (ATMs) were introduced by First National Bank, while mobile ATMs and wireless point of sale (POS) terminals were introduced by other national and foreign banks.
- Banks are segmenting their customer base in order to maximize the potential of expanding their shares in each category. Banks such as First National Bank and Standard Bank of South Korea, Norway and South Africa launched credit cards specifically targeted at students. Banks established a range of corporate cards designed to meet the specific needs of business houses. Absa Bank offers the Procurement Management card for the management of end-to-end procurement activity.
- With the increasing adoption of smart phones, handset manufacturers are promoting near field communication (NFC) technology. However, retailers and banks in South Korea, Norway and South Africa require clearly defined security benefits and cost-reductions before they will adopt NFC on a large scale.

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