Toll Free (US/Canada): 1-888-778-7886
Morocco Cards and Payments Market: Total Card Market Grew at a CAGR of 11% for the Period 2012 to 2015 in Terms of Total Cards in Circulation
P&S Market Research releases a new research report on cards and payments market:
The research report provides in depth analysis and insights into the Morocco Cards and Payments Market including, strategies deployed by banks to market debit and credit cards and competitive landscape (card issuers in the country) for both debit cards and credit cards. The study includes 4 years historical market size and 6 years market forecast in terms of number of cards, value and volume of transactions processed through these cards, and other key metrics. The report also provides information on the key industry trends, major schemes, banks and detailed segmentation of card and payment industry. The research report is a new offering from the company’s Financial Services domain, and leveraged from the company’s existing cards and payments database of 50+ countries.
Explore Description and Scope of the report: https://www.psmarketresearch.com/market-analysis/morocco-cards-and-payments-market
In terms of number of cards in circulation, the Morocco payment cards market is expected to grow at a CAGR of 11% over the period 2015-2020. The total number of cards in circulation reached 11 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.
In Morocco, the debit cards dominate the payment cards market in terms of number of cards in circulation. Debit cards accounted for 93% of the total number of cards in circulation in 2015. Debit cards are being used by consumers to shop at retail outlets, withdraw cash from ATMs and make online payments. Some of the key players in the debit cards market include Banque Centrale Populaire (BCP),
Attijariwafa Bank, Banque Marocaine du Commerce Exterieur (BMCE), Crédit du Maroc (CDM) etc. Banque Centrale Populaire was the leading bank in terms of number of debit cards issued in 2015. Average debit card transaction value increased from MAD 821.9 in 2012 to MAD 836.2 in 2015, at a CAGR of 0.6%. The average transaction value is expected to grow at a CAGR of 0.4% during the period 2016-2021. The frequency of debit card usage declined at a CAGR of -0.9% during 2012-2015. The frequency of transaction is expected to reach up to 21.9 times by 2021.
Credit cards are primarily used by consumers at POS terminals for retail purchases, rather than for cash withdrawals at ATMs. Credit card turnover witnessed a CAGR of 5.6%, growing from MAD 7,061.2 in 2012 to MAD 8,310.4 in 2015. 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. “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.
Reasons to buy