Bahrain Cards and Payments Market Opportunities and Risks Report 2021-2025: Focus on Cards, Direct Debit, Checks and Wire Transfers


DUBLIN, July 05, 2021– (COMMERCIAL THREAD)–The “Bahrain Cards and Payments – Opportunities and Risks to 2025” report was added to ResearchAndMarkets.com offer.

The report “Opportunities and Risks of Bahrain Cards and Payments Market to 2025” provides a detailed analysis of market trends in Bahrain Cards and Payments industry.

It provides values ​​and volumes for a number of industry key performance indicators including cards, direct debits, checks and wire transfers during the review period (2017-21st).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, values ​​and transaction volumes during the review period and during the period of review. forecast (2021e-25f). It also offers information on the country’s competitive landscape, including the market shares of transmitters and systems.

The report brings together the publisher’s expertise in research, modeling and analysis to enable banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in the regulatory structure.

This report provides high-level market analysis, insights, and insights into the Bahraini card and payments industry including:

  • Current and forecast values ​​for each market in the Bahraini card and payments industry, including debit, credit and charge cards.

  • Detailed information on payment instruments, including cards, direct debits, checks and transfers. It also includes an overview of the main alternative payment instruments in the country.

  • Analysis of the e-commerce market.

  • Analysis of the different market drivers and regulations governing the Bahraini card and payment industry.

  • Detailed analysis of the strategies adopted by banks and other institutions to market debit, credit and payment cards.

Scope

  • Like other Gulf Cooperation Council (GCC) countries, Bahrain introduced the Wage Protection System (WPS) in the private sector, requiring private employers to pay wages electronically (bank account or prepaid card) to their employees rather than cash. As part of the first phase, effective from May 1, 2021, companies with 500 or more employees must implement WPS. The second phase is scheduled from September 1, 2021 for companies with 50 to 499 employees and the third final phase from January 1, 2022 for companies with 1 to 49 employees. This initiative will promote financial inclusion in the country and stimulate demand for banking products such as bank accounts and cards.

  • The adoption of contactless technology is expected to further drive the growth of card payments in Bahrain. In August 2019, the Central Bank of Bahrain (CBB) issued a circular requiring all new cards (credit, debit and prepaid cards) issued by banks and financial institutions to support contactless payments, effective October 12, 2019. The circular also required that all new point-of-sale terminals installed from October 1, 2019 must support contactless payments. Additionally, in September 2020, the CBB ordered banks operating in the country to replace all their existing payment cards with contactless cards by December 31, 2020.

  • Alternative payments are gradually gaining in importance in Bahrain. In November 2020, the digital payment solution ‘stc pay’ was launched in Bahrain. The wallet can be used to make domestic and international money transfers, as well as utility bills and in-store payments. Meanwhile, BenefitPay, a national e-wallet payment system, added the Tap and Go payment method to its service in September 2020, allowing users to make contactless payments at point-of-sale terminals at home. using their Android mobile phones.

Main topics covered:

Companies mentioned

  • BBK

  • HSBC

  • United Bank Ahli

  • Standard chatted

  • Citibank

  • BNB

  • Islamic Bank of Bahrain

  • Islamic Bank Al Baraka

  • Bank of Ithmar

  • Visa

  • MasterCard

  • American Express

For more information on this report, visit https://www.researchandmarkets.com/r/f4b4g2

View the source version on businesswire.com: https://www.businesswire.com/news/home/20210705005089/en/

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