Boston, MA -- (SBWIRE) -- 09/20/2013 -- 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 channel during the review period (2008-2012). 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 (2013-2017), 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.

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Key Highlights

- In terms of the volume of cards in circulation, Oman's card payments channel recorded a CAGR of 14.26% during the review period. In terms of transaction value, the channel increased from OMR2.4 billion (US$6.3 billion) in 2008 to OMR3.6 billion (US$9.4 billion) in 2012.
- 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."

Scope

- This report provides a comprehensive analysis of Oman's cards and payments industry
- It provides current values for Oman's cards and payments industry for 2012 and forecast figures for 2017
- It details the different macroeconomic, infrastructural, consumer and business drivers affecting Oman's cards and payments industry

Companies Mentioned in this Report: Bank Muscat, National Bank of Oman, BankDhofar, Oman Arab Bank, Visa, MasterCard, American Express, Diners Club

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