Synopsis
Before the global financial crisis, the Croatian economy grew at a rate of 4-5% annually. However, the crisis impeded the economic progress and the country entered into its sixth year of recession in 2014. This had a direct bearing on the Croatian cards and payments industry.
Before the global financial crisis, the Croatian economy grew at a rate of 4-5% annually. However, the crisis impeded the economic progress and the country entered into its sixth year of recession in 2014. This had a direct bearing on the Croatian cards and payments industry.
Croatia became the 28th member
of the European Union (EU) on July 1, 2013, and since has been trying to raise
its competitiveness and is to benefit from EU funding to aid economic
development and growth. Consequently, the government has undertaken labor,
pension, social benefit and investment reforms, which are anticipated to
stimulate employment opportunities. The privatization of large government-owned
companies and access to EU funds are anticipated to provide support for the
country's economic recovery over the forecast period (2014-2018). However, the
growth prospects for the cards and payments industry are anticipated to remain
weak, until the economy re-enters a state of growth.
In 2013, credit transfer and
direct debit were the most popular payment instruments with a combined industry
share of 90.3% in terms of transaction value, while payment cards accounted for
a share of just 2.2%. The use of cash is increasing and its share rose from
6.3% in 2009 to 7.5% in 2013.
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In terms of the number of cards
in circulation, payment cards (debit, credit and charge cards) declined
marginally during the review period, recording a compound annual growth rate
(CAGR) of -0.39%, decreasing from 8.5 million in 2009 to 8.4 million in 2013.
However, in terms of transaction value, payment cards valued HRK116.1 billion
(US$20.3 billion) in 2013, after registering a review-period CAGR of 1.07%.
Improved banking
infrastructure, new product developments, a higher awareness of electronic
payments and the wider acceptance of payment cards at POS terminals were the
main growth drivers. The adoption of Europay, MasterCard and Visa (EMV)
standards, as well as the emergence of contactless technology, also supported
industry growth.
In 2013, the Croatia's average
transaction value (ATV) was US$64.8, equivalent to ranking of 24th in the
European region. Greece recorded the highest ATV of US$227.6, followed by
Switzerland (US$156.6), Italy (US$140.4), Germany (US$131.5), Luxembourg
(US$121.2), Ireland (US$106.4) and Romania (US$104.3). In terms of card
penetration, Croatia had 1.88 cards per inhabitant in 2013, the eighth-highest
figure in the region. Luxembourg with (4.43) had the highest penetration,
followed by Norway (2.73), the UK (2.48), Sweden (2.38), Belgium (2.04), Turkey
(1.95) and Switzerland (1.91).
In terms of frequency of use,
Croatia recorded 36.9 transactions per card in 2013. Finland recorded 172.8
transactions per card and had the highest frequency of use, followed by Denmark
(159.2), Estonia (149.4) and France (127.8).
In terms of transaction value,
debit cards remained a popular payment card during the review period, growing
from HRK82.1 billion (US$15.5 billion) in 2009 to HRK87.7 billion (US$15.3
billion) in 2013, at a review-period CAGR of 1.68%. The value is anticipated to
grow to reach HRK115.7 billion (US$21 billion) in 2018, at a CAGR of 5.38%. Due
to the European debt crisis and uncertain economic conditions, the majority of
Croatian consumers became debt-cautious and preferred to use debit cards to
make payments to track their expenses. Consequently, the debit cards market
registered growth in terms of the number of cards in circulation, transaction
value and volume during the review period (2009-2013). Transaction values at
POS terminals gradually increased during the review period; a trend which is
anticipated to continue over the forecast period.
Summary
The report provides top-level market analysis, information and insights into Croatia's cards and payments industry, including:
Summary
The report provides top-level market analysis, information and insights into Croatia's cards and payments industry, including:
Current and forecast values for each category
of Croatia's cards and payments industry, including debit cards, credit cards,
charge cards and prepaid cards
Comprehensive analysis of the industry's
market attractiveness and future growth areas
Analysis of various market drivers and
regulations governing Croatia's cards and payments industry
Detailed analysis of the marketing strategies
adopted for selling debit, credit, charge and prepaid cards used by banks and
other institutions in the market
Comprehensive analysis of consumer attitudes
and buying preferences for cards
The competitive landscape of Croatia's cards
and payments industry
Scope
This report provides a comprehensive analysis of Croatia's cards and payments industry.
Scope
This report provides a comprehensive analysis of Croatia's cards and payments industry.
It provides current values for Croatia's cards
and payments industry for 2013, and forecast figures for 2018.
It details the different economic,
infrastructural and business drivers affecting Croatia's cards and payments
industry.
It outlines the current regulatory framework
in the industry.
It details the marketing strategies used by
various banks and other institutions.
It profiles the major banks in Croatia's cards
and payments industry.
Reason To Buy
Make strategic business decisions using top-level historic and forecast market data related to Croatia's cards and payments industry and each market within it.
Reason To Buy
Make strategic business decisions using top-level historic and forecast market data related to Croatia's cards and payments industry and each market within it.
Understand the key market trends and growth
opportunities in Croatia's cards and payments industry.
Assess the competitive dynamics in Croatia's
cards and payments industry.
Gain insights in to the marketing strategies
used for selling various card types in Croatia.
Gain insights into key regulations governing
Croatia's cards and payments industry.
Key Highlights
In terms of the number of cards in circulation, payment cards (debit, credit and charge cards) declined marginally during the review period, recording a compound annual growth rate (CAGR) of -0.39%, decreasing from 8.5 million in 2009 to 8.4 million in 2013. However, in terms of transaction value, payment cards valued HRK116.1 billion (US$20.3 billion) in 2013, after registering a review-period CAGR of 1.07%.
Key Highlights
In terms of the number of cards in circulation, payment cards (debit, credit and charge cards) declined marginally during the review period, recording a compound annual growth rate (CAGR) of -0.39%, decreasing from 8.5 million in 2009 to 8.4 million in 2013. However, in terms of transaction value, payment cards valued HRK116.1 billion (US$20.3 billion) in 2013, after registering a review-period CAGR of 1.07%.
In terms of transaction value, debit cards
remained a popular payment card during the review period, growing from HRK82.1
billion (US$15.5 billion) in 2009 to HRK87.7 billion (US$15.3 billion) in 2013,
at a review-period CAGR of 1.68%. The value is anticipated to grow to reach
HRK115.7 billion (US$21 billion) in 2018, at a CAGR of 5.38%. Due to the
European debt crisis and uncertain economic conditions, the majority of
Croatian consumers became debt-cautious and preferred to use debit cards to
make payments to track their expenses. Consequently, the debit cards market
registered growth in terms of the number of cards in circulation, transaction
value and volume during the review period (2009-2013). Transaction values at
POS terminals gradually increased during the review period; a trend which is
anticipated to continue over the forecast period.
PBZ launched the American Express Gift Card,
the first prepaid card in the American Express portfolio of PBZ Card in 2012.
Similarly, Hrvatska Potanska Banka (HPB), in April 2013 launched a reloadable
Visa prepaid card. The card can be used at home and abroad, and also to
withdraw cash from automatic teller machines (ATMs) and at POS terminals. Also
in May, the bank launched the Visa Prepaid Youth Card. The card is designed for
young people aged 14 and above.
Contactless cards were first introduced in
Croatia in December 2012, with MasterCard PayPass first issued by Erste &
Steiermrkische Banka. Contactless technology is being rolled-out by banks and
card issuing companies for making payments using mobile phones. In July 2012,
telecommunication provider, Hrvatski Telekom introduced mobile payment based on
NFC technology, and in August 2014, PBZ, Intesa Sanpaolo Card and American
Express announced that they have initiated a pilot to test mobile NFC payments.
The emergence of contactless technology is expected to drive card-based
payments over the forecast period.
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