2014-01-22 10:15:03 - Emerging Opportunities in Kazakhstan's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape - a new market research report on companiesandmarkets.com
The Kazakhstan card payments market demonstrated robust growth during the review period. Improved banking infrastructure, consumers´ shift towards card-based payments and adoption of new technology to offer safe and secure banking contributed to the growth of the channel during the review period. The card payments channel grew from 7.2 million cards in 2008 to 11.9 million in 2012, at a CAGR of 13.38%.
Over the forecast period, the total number of cards is projected to grow from 13.9 million to 17.9 million, at a CAGR of 6.55%. In terms of transaction value, the overall card payments channel grew at a CAGR of 25.43% during the review period, and is projected to grow from KZT7.0 trillion (US$47.7 billion) in 2013 to KZT10.4
trillion (US$70.6 billion) in 2017 at a CAGR of 10.28% over the forecast period.
During the review period, the highest growth was registered in the credit cards category which recorded a CAGR of 49.51% in terms of number of cards in circulation. The key drivers for the substantial growth were growing consumer awareness of the benefits of credit cards, customer-centric services, adoption of advanced technology to offer secure banking, and reward programs offered by card issuers.
During the review period, card payments recorded a CAGR of 25.43% to value KZT5.7 trillion (US$38.9 billion) in 2012, while credit transfer recorded a CAGR of 3.26% to value KZT118.9 trillion (US$809.5 billion) in 2012.
Growth in internet penetration and rising disposable incomes and consumer spending resulted in increased online retail sales in the country. During the review period, e-commerce grew at a CAGR of 91.51% to reach KZT58.5 billion (US$398.4 million) at the end of 2012.
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