DUBLIN--(BUSINESS WIRE)--The "Bahrain Cards and Payments - Opportunities and Risks to 2025" report has been added to ResearchAndMarkets.com's offering.
'Bahrain Cards and Payments Market Opportunities and Risks to 2025' report provides detailed analysis of market trends in the Bahraini cards and payments industry.
It provides values and volumes for a number of key performance indicators in the industry, including cards, direct debits, cheques, and credit transfers during the review-period (2017-21e).
The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2021e-25f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.
The report brings together the publisher's research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.
This report provides top-level market analysis, information and insights into the Bahraini cards and payments industry, including:
- Current and forecast values for each market in the Bahraini cards and payments industry, including debit, credit and charge cards.
- Detailed insights into payment instruments including cards, direct debits, cheques, and credit transfers . It also, includes an overview of the country's key alternative payment instruments.
- E-commerce market analysis.
- Analysis of various market drivers and regulations governing the Bahraini cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
Scope
- Similar to other Gulf Cooperation Council (GCC) countries, Bahrain introduced the Wage Protection System (WPS) in the private sector, mandating private employers to pay wages electronically (bank account or prepaid card) to their employees instead of cash. As a part of the first phase, effective from May 1, 2021, companies with 500 employees and over must implement the WPS. The second phase is scheduled from September 1, 2021 for companies with 50-499 employees and the final third phase from January 1, 2022 for companies with 1-49 employees. This initiative will drive financial inclusion in the country and boost demand for banking products such as bank accounts and cards.
- The adoption of contactless technology is expected to further boost card payments growth in Bahrain. In August 2019, the Central Bank of Bahrain (CBB) issued a circular, which requires all the new cards (credit, debit and prepaid cards) issued by banks and financial institutions must support contactless payments, effective from October 12, 2019. The circular also mandated that all the new POS terminals installed from October 1, 2019, must support contactless payments. Furthermore, in September 2020, CBB passed an order for banks operating in country to replace all their all-existing payment cards with contactless cards by December 31, 2020.
- Alternative payments are gradually gaining prominence in Bahrain. In November 2020, digital payment solution 'stc pay' was launched in Bahrain. The wallet can be used to make both domestic and international fund transfers, as well as utility bill and in-store payments. Meanwhile, BenefitPay, a national electronic wallet payment system has added the Tap and Go payment method to its service in September 2020, allowing users to make contactless payments at POS terminals using their Android mobile phones.
Key Topics Covered:
- Payment Instruments
- Card-Based Payments
- Ecommerce Payments
- Alternative Payments
- Payment Innovations
- Payment Infrastructure & Regulation
- Appendix
Companies Mentioned
- BBK
- HSBC
- Ahli United Bank
- Standard Chattered
- Citibank
- NBB
- Bahrain Islamic Bank
- Al Baraka Islamic Bank
- Ithmaar bank
- Visa
- Mastercard
- American Express
For more information about this report visit https://www.researchandmarkets.com/r/f4b4g2
