2014-04-17 10:05:02 - Emerging Opportunities in Omanâs Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape - a new market research report on companiesandmarkets.com
Steady economic growth, a rise in the volume of the banked population and improvements in payment infrastructure drove the growth of Oman´s card payments market during the review period (2008â2012). In terms of the volume of cards in circulation, Oman´s card payments channel posted a review-period CAGR of 14.26%.
This was mainly driven by growth in the credit and charge card categories. The total volume of cards in circulation increased from 1.9 million cards in 2008 to 3.3 million in 2012. Over the forecast period (2013â2017), the card payments channel is forecast to grow at a CAGR of 5.22%, from 3.6 million cards in 2013 to 4.4 million in 2017. Although cash continues to be an important part of the overall
payments system, it is increasingly being displaced by the card payments channel.
To capitalize on consumer preferences, banks and card issuers have adopted various marketing strategies to encourage customers to increase card payments. Common strategies include offers, product discounts, reward points and insurance coverage. Banks are also rewarding their customers through monthly raffle draws. One such innovative program is HSBC´s Mandoos Savings scheme under which its cardholders are rewarded certain cash prizes for maintaining a minimum balance on their saving accounts.
The volume of POS terminals grew at a review-period CAGR of 16.11%, from 5.1 million point-of-sale (POS) terminals in 2008 to 9.2 million in 2012. The increased acceptance of cards at merchant outlets and an overall shift towards card payments through POS terminals resulted in an increased transaction volume.
Oman´s rising volume of internet users is attracting a greater volume of broadband service providers; this has led to an increase competition and a reduction in prices. In 2012, 4G services were launched. E-payments are gaining momentum as broadband is made available at lower prices.
Although cash continues to be an important part of the overall payments system, it is increasingly being displaced by the card payments channel. To capitalize on consumer preferences, banks and card issuers have adopted various marketing strategies to encourage customers to increase card payments. Common strategies include offers, product discounts, reward points and insurance coverage.
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