Emerging Opportunities in Morocco'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: 2014-04-21 10:35:01
The Morocco card payments market recorded robust growth during the review period (2008â2012) and registered a CAGR of 15.14%, growing from MAD92.1 billion (US$12.0 billion) in 2008 to MAD161.9 billion (US$18.9 billion) in 2012. The growth was driven by infrastructural improvements such as contactless technology, an increase in the adoption of smartphones, and a reduction in card fraud.
Over the forecast period (2013â2017), the channel is projected to grow from MAD174.9 billion (US$20.8 billion) in 2013 to MAD207.2 billion (US$24.6 billion) in 2017, after registering a CAGR of 4.32%. A rise in disposable income levels, stable inflationary forecasts, positive employment opportunities and an increasing volume of corporate and leisure travelers are some of the key factors expected to drive growth in the channel over the forecast period.
During the review period, the central bank mandated the use of chip-based ATM cards, and EMV standards for credit cards, resulting in all leading banks offering EMV-compliant cards by the end of 2012. Moreover, the introduction of transaction alerts via short message services (SMSs) and the adoption of stronger authentication methods for online transactions resulted in a decline in card fraud at a review-period CAGR of 7.78%, from MAD31.0 million (US$4.0 million) in 2008 to MAD22.4 million (US$2.6 million) in 2012.
Banks and other card issuers have been focusing on various customer segments by offering customized products. With competitive pressures in the Moroccan cards and payments industry, banks and issuers are developing marketing strategies with the aim of attracting larger customer bases. In addition to mass market offerings such as cashback, discounts for retail outlets, buy-one-get-one-free offers, and rewards points, banks and card issuers are also issuing customized cards focusing on particular customer groups.
Banks are segmenting their customer base in order to maximize the potential of expanding their market shares in each card category. Banks such as Attijariwafa Bank have launched prepaid cards specially targeting women, while Banque Populaire and Attijariwafa Bank launched bank cards for students and the youth demographic aged 12â17. Credit and debit cards specifically designed to meet the needs of corporate customers are also prevalent.
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