Published: March 2017
Report Code: FS10826
Category : Cards & Payments
The study is based on extensive secondary and primary research. The various sources studied during the secondary research include websites of payment/ banking/ industry associations, industry regulatory bodies, banks, and card issuers. The primary research included in-depth interviews with industry experts and key opinion leaders.
Morocco cards and payments market overview
In terms of number of cards in circulation, the Morocco payment cards market is expected to grow at a CAGR of 9.1% over the period 2016-2021. The total number of cards in circulation reached 11.0 million by the end of 2015, whereas the total population of the country reached 34.6 million, representing a low penetration of 0.3 cards per person in 2015.
The debit card transaction value at ATM remained considerably higher than the transaction value at POS terminals. The transaction value of debit cards at ATM accounted for 93.5% of the total debit card transaction value in 2015, which states that consumers prefer to use debit cards at ATMs, for higher value transactions, rather than POS terminals. The transaction value of the debit cards segment grew at a CAGR of 10.9%.
The frequency of credit card use increased at a CAGR of 5.5% during 2012-2015. The frequency of transaction is expected to reach up to 12.2 times by 2021.The number of charge cards in circulation increased at a CAGR of 7.2% during the period 2012-2015. Over the period 2016-2021, the charge card in circulation is expected to increase at a CAGR of 5.6%
In October 2015, Morocco’s Centre Monétique Interbancaire and MasterCard announced the launch of contactless payment. “The Contactless payment we launched with our partner MasterCard is a new step in our strategy to facilitate cart payment” said CMI director general, Mikeal Naciri. “While 85% of transactions are still made in cash, contactless payments will have to gain ground in the purchasing transactions, we aspire to have a world without cash and societies financially inclusive. We will draw upon our technology to achieve this vision. With the launching of contactless carts in Morocco, we are entering a new phase in our fight against cash and informal transactions” said the director general of Master Card in North Africa, Mohamed Benomar.
Key players in the Morocco cards and payments market: