Emerging Opportunities in Croatia's Cards and Payments Industry - New Report

In terms of card in circulation, Croatia's card payments channel recorded a CAGR of 4.13 % during the review period (2008-2012). The total number of cards in circulation grew from 9.2 million in 2008 to 10.8 million cards in 2012. Over the forecast period (2013-2017), the number is forecast to record a CAGR of 3.47%, rising from 11.3 million cards in 2013 to 13.0 million in 2017. Croatia's economy is based largely on service sectors such as banking, trade and tourism, which collectedly account for nearly 70% of real gross domestic product (GDP) in the country. In 2009, Croatia's overall economic activity decelerated due to the global financial crisis which adversely impacted banking, tourism, exports and foreign direct investment (FDI). Croatia will join the European Union (EU) on July 1, 2013, and the country will receive the equivalent of nearly 4% of its total GDP through the EU Cohesion Policy. This financial aid is expected to bring stability and investment to the country's economy over the forecast period, creating a healthy and favorable climate for the cards and payments industry.

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Key Highlights

* Croatia had a population of 4.4 million in 2012 with high levels of card penetration. Debit cards had the highest penetration; with a penetration of 1.4 cards per person in 2008, which increased to 1.7 cards per person in 2012. Over the forecast period, the figure is projected reach 1.9 cards per person.
* In September 2012, OTP Banka in association with MasterCard PayPass launched contactless payments for low-value transactions up to HRK100 (US$17.1). Similarly, PBZ also started issuing and replacing old debit cards with contactless payment cards. Contactless cards are expected to gain popularity over the forecast period and establish themselves as a mainstream payment platform.
* Banks and retail outlets in Croatia expanded their infrastructure networks across the country during the review period. The number of ATMs installed in Croatia increased marginally, from 3,342 in 2008 to 4,144 in 2012, at a CAGR of 1.06%. The increasing acceptance of cards at retail outlets and a shift towards making purchases directly with cards resulted in an increasing number of POS transactions during the review period. The number of POS terminals in Croatia recorded a CAGR of 7.59% during the review period, rising from 79,994 in 2008 to 107,171 in 2012. With further increases in the volume of POSs and ATMs, the use of cards as a payment method is expected to grow further over the forecast period.
* The growth in m-commerce has been enhanced by increased smartphone use in Croatia. The increasing capabilities of smartphone devices, a significant rise in mobile device applications and falling prices have been instrumental in driving m-commerce. Improved search engines and price comparison sites have also been key factors, benefiting the cards and payments industry in Croatia.

Scope

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