Wednesday, 10 December 2014

Lebanon’s Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape

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Lebanon’s Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape

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is the brand new report from industry leaders Timetric. This report provides the reader with top-level market analysis, information and insights on Lebanon’s cards and payments industry, including current and forecast values for each category, a comprehensive analysis of the industry’s market attractiveness and future growth areas.  Furthermore, it provides detailed analysis of the marketing strategies adopted for selling debit, credit, charge and prepaid cards used by banks and other institutions in the market.

Smart cards with contactless technology features are an emerging trend across the globe, with the same case in Lebanon. Contactless technology was introduced to the country in association with Visa. Bank Audi and Visa launched PayWave contactless payment technology in June 1, 2014, and the bank also issues cards with PayPass contactless features in association with MasterCard.
Similarly, contactless technology is being used for mobile payments. In April 15, 2014, Bank Audi launched the Tap2pay NFC Mobile Payment service, which allows mobile phone users to use their mobile phone as a credit card. This was launched in partnership with MasterCard and the mobile operators Alfa and Touch.

E-commerce recorded significant growth during the review period due to rising online and mobile penetration, increasing consumer confidence for online transactions and the country’s increasing presence of online gateways. The increasing young and urban populations are more inclined towards the use of mobile devices, which provide an opportunity for e-commerce companies to reach a greater number of potential customers. Banks are introducing e-commerce programs which offer advantages to consumers and merchants that will help the e-payment method to grow in the future. Bank Audi and Credit Libanais are the two banks in Lebanon who have introduced e-commerce programs in partnership with the Net Commerce online payment gateway. The Audi e-payment from Bank Audi is an internet gateway which provides merchants with a secure payment processing service. The eBlom online payment gateway offered by Blom Bank also offers services to customers.

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