Emerging Opportunities in Azerbaijan's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-29 02:29:04
The Azerbaijan card payment market demonstrated robust growth during the review period. Improved banking infrastructure, a shift towards card-based payments and government efforts to accelerate cashless transactions in the country contributed to the growth of the channel during the review period. The card payments channel grew from 3.6 million cards in 2008 to 4.9 million in 2012, at a CAGR of 7.86%. The total number of cards is expected to grow to 6.1 million at a CAGR of 3.80% over the forecast period. Card payments recorded high growth during the review period to overtake credit transfers in 2011.
Card payments recorded a CAGR of 18.15% during the review period to be valued at AZN7.8 billion (US$9.9 billion) in 2012, higher than the credit transfer value of AZN7 billion (US$8.9 billion). The government of Azerbaijan has taken several initiatives to increase the volume of card-based payments in the country. In May 2013, the government, along with Visa, introduced a marketing campaign, ´Life is easier with Visa´ to promote the usage of Visa cards. Growth in internet penetration has resulted in increased online retail sales in the country. According to the State Statistical Committee of Azerbaijan, online retail sales are forecast to reach AZN 6.4 million (US$8.1 million) by the end of 2017.
The card payments channel grew from 3.6 million cards in 2008 to 4.9 million in 2012 at a CAGR of 7.86%. The total number of cards is expected to grow to 6.1 million at a CAGR of 3.80% over the forecast period. During the review period, the highest growth was registered in the credit cards category with a CAGR of 20.72%.
The government is also planning to offer a number of benefits to citizens who use cards for making payments. For instance, card payments might not be subjected to value added tax (VAT). The Transport Ministry introduced a single-card system across public transport buses, enabling passengers to pay bus fares using their cards instead of cash. The system is expected to be completed by 2015. In December 2012, MasterCard announced plans to introduce contactless cards in Azerbaijan by the end of the first half of 2013.
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