Press release
Payments Landscape in Morocco - Key Market Trends, Growth, Opportunities and Risks to 2021
GlobalDatas "Payments Landscape in Morocco: Opportunities and Risks to 2021", report provides detailed analysis of market trends in Moroccan cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including payment cards, credit transfers, direct debit, and cheques during the review-period (2013-17e).
The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2017-21f). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.
The report brings together GlobalDatas research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.
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This report provides top-level market analysis, information and insights into the Moroccan cards and payments industry, including -
- Current and forecast values for each market in the Moroccan cards and payments industry, including debit and credit cards.
- Detailed insights into payment instruments including payment cards, credit transfers, cheques, and direct debit. It also, includes an overview of the country's key alternative payment instruments.
- E-commerce market analysis.
- Analysis of various market drivers and regulations governing Moroccan cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
Scope
- Contactless card issuance and acceptance are gaining traction in Morocco. In January 2018, Visa introduced contactless payment cards supported by its payWave technology, thereby allowing consumers to pay for their purchases by simply tapping their cards at POS terminals. Previously, in October 2015 Mastercard in collaboration with CMI launched contactless payment cards in Morocco, supported by its PayPass service. According to CMI, as of January 2018 there were 13,000 contactless POS terminals installed in the country, with plans to increase this number to 20,000 by the end of 2018.
- In response to the rising demand for Sharia-compliant financial products, in November 2014 the Moroccan government approved a new banking law relating to establishing a fully fledged Islamic finance industry. It allows both domestic and foreign banks to establish Islamic branches in Morocco and also enables private companies to offer Islamic debt. In January 2017, the central bank authorized Attijariwafa bank, Banque Populaire, BMCE Bank, and CIH Bank - to offer Sharia-compliant products and services in Morocco. Further, the central bank has permitted French bank subsidiaries - Socit Gnrale, Crdit du Maroc, and BMCI - to start providing Islamic financial products and services in the country. This initiative is anticipated to drive overall banking penetration, and in turn boost electronic payments in the country.
- To bring more Moroccans into mainstream banking and offer affordable banking services, in December 2016 Attijariwafa bank launched a mobile-only bank called L'bankalik. The digital bank enables individuals to open and maintain an account without any maintenance cost. Similarly, in 2017 CIH Bank launched a lifetime free account for individuals under the age of 31. Along with an account, individuals also receive a zero maintenance charge Mastercard Code 30 bank card, thereby fostering the use of payment cards in the country.
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Reasons to buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the Moroccan cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Moroccan cards and payments industry.
- Assess the competitive dynamics in the Moroccan cards and payments industry.
- Gain insights into marketing strategies used for various card types in Morocco.
- Gain insights into key regulations governing the Moroccan cards and payments industry.
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