Emerging Opportunities in Luxembourg'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: 2014-04-22 01:37:04
The Luxembourg card payments market declined during the 2008â2012 review period in terms of the number of cards in circulation. The discontinuation of the Mini-cash electronic payment system in 2011 adversely affected the prepaid cards category in the country, which resulted in a decline in the overall card payments channel.
The debit and credit card categories, however, grew at a healthy pace during the review period. In terms of the number of cards in circulation, the card payments channel declined marginally from 2.4 million cards in 2008 to 2.3 million in 2012, at a CAGR of -1.61%. The channel is expected to grow from 2.4 million in 2013 cards to 2.6 million in 2017, at a CAGR of 2.94% over the forecast period. Growth in internet penetration has resulted in increased online retail sales in the country.
To benefit from this, banks are increasingly expanding their internet banking infrastructure and offering web payment cards. The increasing acceptance of cards at retail outlets and a consumer shift towards making purchases using cards resulted in an increasing number of POS transactions during the review period. The number of POS transactions grew at a CAGR of 3.37% during the review period, and is projected to grow at a CAGR of 2.80% over the forecast period, from 45.4 million transactions in 2013 to 50.7 million in 2017.
In March 2011, banks decided to discontinue supporting the local Bancomat scheme and selected the V Pay debit scheme. By the end of 2011, more than 600,000 debit cards had been replaced with V Pay debit cards which are secured by Chip-and-PIN technology. All banks moved to the 3-D Secure service to support safer online payments from 2012 onwards.
Increasing social media penetration is expected to encourage banks and other issuers to use these sites to reach a wider customer base and promote their products.
Mobile commerce, gifts, entertainment, online purchases and travel all display positive growth potential, which is expected to drive the credit cards category. During the review period, the use of credit cards at POS terminals increased significantly both in volume and value terms at CAGRs of 9.68% and 9.62% respectively.
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