The Pakistan payment card market is growing leaps and bounds, driven by government economic reforms, resulting in a 26% compound annual growth rate (CAGR). More than 29 million credit and debit cards were in force (CIF) at end-of-year (EOY) 2014.
In a newly marketed report by Dublin-based Research and Markets, it is noted the economic reforms introduced by the Pakistani government between 2009-2013 had a positive impact on the country’s GDP growth rate. This rate increased from 2.8% in 2009 to 6.1% in 2013; a trend that is expected to continue into 2018. The improved economic conditions are expected to positively impact the country’s cards and payments industry.
Pakistani payment cards posted transaction value of PKR1.9 trillion (US$18.8 billion) in 2013, after registering a CAGR of 24.37% since 2009.
With the development of alternative delivery channels, the launch of biometric ATMs and the availability of fund transfer facilities online and at ATM terminals, banks are able to reach a large volume of the population. Furthermore, the improvement in banking infrastructure, the development of the new products, government initiatives and stable economic conditions are all factors which led to the growth of payment cards.
For a copy of the report: http://www.researchandmarkets.com/research/8m62c3/pakistans_cards
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