NEW YORK, Sept. 12, 2016 /PRNewswire/ --
'The Cards and Payments Industry in Oman: Emerging Trends and Opportunities to 2020' report provides detailed analysis of market trends in the Omani cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including direct debits, check payments, payment cards and credit transfers during the review period (2011–2015).
The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, and transaction values and volumes during the review period and over the forecast period (2016–2020). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.
The report brings together research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.
'The Cards and Payments Industry in Oman: Emerging Trends and Opportunities to 2020' report provides top-level market analysis, information and insights into the Omani cards and payments industry, including:
- Current and forecast values for each market in the Omani cards and payments industry, including debit card and credit cards.
- Detailed insights into payment instruments including direct debit, credit transfers, checks and payment cards. 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 Omani cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- The competitive landscape in the Omani cards and payments industry.
- This report provides a comprehensive analysis of the Omani cards and payments industry.
- It provides current values for the Omani cards and payments industry for 2015, and forecast figures to 2020.
- It details the different demographic, economic, infrastructural and business drivers affecting the Omani cards and payments industry.
- It outlines the current regulatory framework in the industry.
- It details marketing strategies used by various banks and other institutions.
Reasons To Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the Omani cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Omani cards and payments industry.
- Assess the competitive dynamics in the Omani cards and payments industry.
- Gain insights into marketing strategies used for various card types in Oman.
- Gain insights into key regulations governing the Omani cards and payments industry.
- To capitalize on the rising preference for Sharia-compliant banking and payment services among Omanis, banks are increasingly offering Sharia-compliant credit cards. In December 2015, Bank Nizwa collaborated with MasterCard to launch a range of Sharia-compliant credit cards. Similarly, in November 2014, Al Hilal Islamic Banking Services launched a Sharia-compliant Visa credit card which is available in Signature and Platinum variants. Cardholders are offered various value-added benefits such as unlimited access to more than 500 airport lounges around the world, a 24-hour concierge service, up to 25% discount at restaurants and free medical referrals.
- The central bank issued a circular in November 2015, allowing non-banking financial companies (NBFCs) to issue white-labeled credit cards in collaboration with domestic banks. NBFCs can brand white labeled cards as their own cards, without investing in the necessary infrastructure. While banks are responsible for administration and settlement processes, NBFCs are responsible for branding and marketing of these cards. This move helps serve those consumers who do not have access to formal financial institutions to obtain credit. This move is anticipated to push the growth of the credit card market.
- The central bank issued an advisory note in May 2014, requesting Omani residents and businesses to opt for non-cash payments and increase the use of ATMs and Cash Deposit Machines (CDMs) for routine transactions such as cash withdrawals, deposits and salary payments. This move was aimed at increasing the efficiency of the payment system by urging customers to use the existing banking infrastructure for electronic transactions. The shift towards non-cash transactions is anticipated to raise the use of debit cards.