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(Medical-NewsWire.com, August 18, 2016 ) However, the crisis impeded the economic progress and the country entered into its sixth year of recession in 2014. This had a direct bearing on the Croatian cards and payments industry.
Report url: http://www.reportsweb.com/Croatias-Cards-and-Payments-Industry:-Emerging-Opportunities,-Trends,-Size,-Drivers,-Strategies,-Products-and-Competitive-Landscape?publisher_name=Timetric&sort=p.single_user_licence&order=ASC
Croatia became the 28th member of the European Union (EU) on July 1, 2013, and since has been trying to raise its competitiveness and is to benefit from EU funding to aid economic development and growth. Consequently, the government has undertaken labor, pension, social benefit and investment reforms, which are anticipated to stimulate employment opportunities. The privatization of large government-owned companies and access to EU funds are anticipated to provide support for the country's economic recovery over the forecast period (2014-2018). However, the growth prospects for the cards and payments industry are anticipated to remain weak, until the economy re-enters a state of growth.
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In 2013, credit transfer and direct debit were the most popular payment instruments with a combined industry share of 90.3% in terms of transaction value, while payment cards accounted for a share of just 2.2%. The use of cash is increasing and its share rose from 6.3% in 2009 to 7.5% in 2013.
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In terms of the number of cards in circulation, payment cards (debit, credit and charge cards) declined marginally during the review period, recording a compound annual growth rate (CAGR) of -0.39%, decreasing from 8.5 million in 2009 to 8.4 million in 2013. However, in terms of transaction value, payment cards valued HRK116.1 billion (US$20.3 billion) in 2013, after registering a review-period CAGR of 1.07%.
Improved banking infrastructure, new product developments, a higher awareness of electronic payments and the wider acceptance of payment cards at POS terminals were the main growth drivers. The adoption of Europay, MasterCard and Visa (EMV) standards, as well as the emergence of contactless technology, also supported industry growth.
In 2013, the Croatia's average transaction value (ATV) was US$64.8, equivalent to ranking of 24th in the European region. Greece recorded the highest ATV of US$227.6, followed by Switzerland (US$156.6), Italy (US$140.4), Germany (US$131.5), Luxembourg (US$121.2), Ireland (US$106.4) and Romania (US$104.3). In terms of card penetration, Croatia had 1.88 cards per inhabitant in 2013, the eighth-highest figure in the region. Luxembourg with (4.43) had the highest penetration, followed by Norway (2.73), the UK (2.48), Sweden (2.38), Belgium (2.04), Turkey (1.95) and Switzerland (1.91).
In terms of frequency of use, Croatia recorded 36.9 transactions per card in 2013. Finland recorded 172.8 transactions per card and had the highest frequency of use, followed by Denmark (159.2), Estonia (149.4) and France (127.8).
In terms of transaction value, debit cards remained a popular payment card during the review period, growing from HRK82.1 billion (US$15.5 billion) in 2009 to HRK87.7 billion (US$15.3 billion) in 2013, at a review-period CAGR of 1.68%. The value is anticipated to grow to reach HRK115.7 billion (US$21 billion) in 2018, at a CAGR of 5.38%. Due to the European debt crisis and uncertain economic conditions, the majority of Croatian consumers became debt-cautious and preferred to use debit cards to make payments to track their expenses. Consequently, the debit cards market registered growth in terms of the number of cards in circulation, transaction value and volume during the review period (2009-2013). Transaction values at POS terminals gradually increased during the review period; a trend which is anticipated to continue over the forecast period.
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