125
use Giros for salary or
pension payments.
Cross-border- Cross-
border transactions
are usually settled via
SWIFT-based links to
correspondent banks
and are consequently
subject to individual
arrangements in terms
of charges and value
dates.
Mobile money
Cross border - cross-
border transactions are
usually settled via
SWIFT-based links to
correspondent banks.
All the major banks
have direct SWIFT
connections.
Supporting
documentation is
required in most
instances.
Mobile money
charges and value dates.
All the major banks have
direct SWIFT
connections.
General
outlook
Slower growth, but not
negative, in financial
cards and payments
due to the political and
social developments
Increasing competition
among the leading
players, resulted in
more attractive offers
on retail payment
products
Lack of infrastructure
(i.e. fixed phone lines
and internet services)
particularly in rural
areas make
smartphones and
tablet PCs increasingly
become popular
The rising ownership
of smartphones and
tablet PCs encouraged
the use of internet
banking and mobile
banking, as well as the
growth of m-
commerce
Debit cards dominated
the payment
circulation due to the
variety of options
available and most
debit cards do not
require its users to
have regular full-time
employment
Payment cards remains
prevalent, but
weakening Indonesian
rupiah and tightening
regulation to keep the
growth of credit cards
maximum of 2 cards
per person with less
than Rp. 10 million
monthly income have
slowed down growth
The role of e-money,
besides debit cards and
credit cards, is
increasing as an
alternative to cash and
other electronic means,
with growing
acceptance at
participating
merchants and billers
MNOs are increasing
their stake in providing
e-money, mainly to
unbanked customers
segment boosted by
the penetration of
mobile phones that
exceeded the number
of population
Banking and financial
services are mainly
focused in the more
developed cities and
urban markets, about
half of the population
above 15 years old is
still unbanked and
almost half of the
banked population is
still underserved
Huge gaps in terms of
access to various
services and
technologies across
Cash remains the
popular means of
transaction, financial
turmoil has been
provoked by uncertainty
and sanctions drove
people to withdraw bank
cash
Mobile payment is a
quite recent but fast-
growing phenomenon
with four mobile money
providers, the highest of
the WAEMU region
With 92%mobile
penetration rates and
90% unbanked
population (2012),
mobile payment systems
have a great potential in
contributing towards
financial inclusion
Cash payments still
dominate, and electronic
payments have also seen
increase usage in
Morocco, but the usage of
financial cards is
becoming increasingly
common, as ownership of
such cards is increasing.
The expanding middle-
classes, urbanisation and
improvements in
technological
infrastructure, with the
added push of the
growing popularity of
online purchases, will
ensure strong growth.
Although 3D Secure was
used by a few online
retailers from April 2014,
most Moroccan
consumers remain
cautious when making
purchases via the
internet. Therefore, The
Centre Monétique
Interbancaire and Maroc
Télécommerce called
banks for the
generalisation of the 3D
Secure system amongst all
retail websites to protect
consumers.
The competitive
environment did not
change significantly in
2013. The leaders in retail
value terms remained
AttijariWafa Bank and
Groupe Banque Populaire,
although in terms of cards
in circulation, while
AttijariWafa Bank led, it
was BMCE that was
Cash dominated the
transactions, which
represent more than
99% of customer activity
in banks (2010).
CBN has introduced a
regulation to encourage
the elimination of the
amount of cash and
coins in the economy.
There are so many
payment platforms, but
risk management and
security issues are the
major challenges
affecting the systems.
A series of initiatives had
been implemented to
improve their
positioning in the global
community, i.e.
introduction of chips on
the bank cards,
migration frommagnetic
stripe to Europay,
Mastercard, and Visa
(EMV), etc.
The majority of
Pakistan’s economic
transactions is based on
cash, sometimes even
for large business
transactions.
Shops and restaurants
rarely accept cards, or
charge a premium of
2.5%.
There are four payment
gateways, two ATM
switches with high
pricing for transfers, yet
there are also no 3rd
party wallets, localised
PayPal, nor 3rd party
payment service
providers.
SBP requires all
payment service
providers (PSPs) in
Pakistan to have US$2
million in paid up capital
to apply for a license.
This will discourage
smaller companies to
promote new
innovations and
alternative payment
methods.
Payment cards
demonstrated volume and
current value growth,
despite the slowdown in
the Turkish economy.
Growth was fuelled by the
growing number of cards
in circulation, the higher
number of ATMs and POS
terminals, as well as the
benefits and privileges
offered to credit card and
debit card holders by card
issuers.
Pre-paid cards
demonstrated the highest
growth in terms of cards
in circulation and in
current value terms in
2014. These cards are
benefiting from increased
urbanisation and the
rising working population,
stimulating the growth of
closed loop pre-paid
transportation and
parking/toll cards and
open loop pre-paid food
cards provided to
employees by employers.
In February 2014, the
government launched a
regulation stating that the
upper limit of newly
issued credit cards cannot
exceed twice the monthly
personal income of the
card holder in the first
year of issue, and four
times the monthly
personal income in the
following years, and the
combined upper limit
cannot exceed the
specified amount. This
Following the economic
downturn in 2008, the
financial sector in the
United Arab Emirates
was the first to take a hit.
Banks worked
simultaneously to raise
awareness of the safety
of using cards at POS
rather than solely for
ATM withdrawal, which
served to further boost
the number of cards in
circulation.
2014 saw a huge influx
of expatriates had a
profound positive effect
on credit and debit cards
as well as closed loop
pre-paid cards, with
more people using public
transport and roads.
Also, the booming
construction industry in
the United Arab Emirates
increased the need for
lower-income labourers
flocked in from Asian
countries, thus boosting
the growth of pre-paid
cards.
There was a rise in
internet penetration
over the later years of
the review period and
into 2014, which saw a
rising number of
consumers opting to
shop online and through
their mobile phones.
Increasingly hectic
lifestyles gave rise to the
need for convenience,
which fuelled online and
mobile retailing. This,