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  5. > Croatia%s Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape

Synopsis
Before the global financial crisis, the Croatian economy grew at a rate of 4–5% annually. 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.

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.

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.

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.

Summary
The report provides top-level market analysis, information and insights into Croatia's cards and payments industry, including:

- Current and forecast values for each category of Croatia's cards and payments industry, including debit cards, credit cards, charge cards and prepaid cards

- Comprehensive analysis of the industry’s market attractiveness and future growth areas

- Analysis of various market drivers and regulations governing Croatia's cards and payments industry

- Detailed analysis of the marketing strategies adopted for selling debit, credit, charge and prepaid cards used by banks and other institutions in the market

- Comprehensive analysis of consumer attitudes and buying preferences for cards

- The competitive landscape of Croatia's cards and payments industry

Scope
- This report provides a comprehensive analysis of Croatia's cards and payments industry.

- It provides current values for Croatia's cards and payments industry for 2013, and forecast figures for 2018.

- It details the different economic, infrastructural and business drivers affecting Croatia's cards and payments industry.

- It outlines the current regulatory framework in the industry.

- It details the marketing strategies used by various banks and other institutions.

- It profiles the major banks in Croatia's cards and payments industry.

Reasons To Buy
- Make strategic business decisions using top-level historic and forecast market data related to Croatia's cards and payments industry and each market within it.

- Understand the key market trends and growth opportunities in Croatia's cards and payments industry.

- Assess the competitive dynamics in Croatia's cards and payments industry.

- Gain insights in to the marketing strategies used for selling various card types in Croatia.

- Gain insights into key regulations governing Croatia's cards and payments industry.

Key Highlights
- 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%.

- 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.

- PBZ launched the American Express Gift Card, the first prepaid card in the American Express portfolio of PBZ Card in 2012. Similarly, Hrvatska Poštanska Banka (HPB), in April 2013 launched a reloadable Visa prepaid card. The card can be used at home and abroad, and also to withdraw cash from automatic teller machines (ATMs) and at POS terminals. Also in May, the bank launched the Visa Prepaid Youth Card. The card is designed for young people aged 14 and above.

- Contactless cards were first introduced in Croatia in December 2012, with MasterCard PayPass first issued by Erste & Steiermärkische Banka. Contactless technology is being rolled-out by banks and card issuing companies for making payments using mobile phones. In July 2012, telecommunication provider, Hrvatski Telekom introduced mobile payment based on NFC technology, and in August 2014, PBZ, Intesa Sanpaolo Card and American Express announced that they have initiated a pilot to test mobile NFC payments. The emergence of contactless technology is expected to drive card-based payments over the forecast period.

Table Of Contents

Croatia%s Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape
Table of Contents
1 Key Facts and Top Events
2 Executive Summary
3 Payment Instruments
3.1 Current Payments Environment
3.2 Alternative Payment Instruments
3.2.1 Mobile payments
3.2.2 ClickandBuy
3.2.3 Click2Pay
3.2.4 hyperWALLET
3.2.5 Skrill
4 Market Attractiveness and Future Prospects of Cards and Payments
5 Analysis of Cards and Payments Industry Drivers
5.1 Demographic Drivers
5.2 Economic Drivers
5.3 Infrastructure Drivers
5.4 Business Drivers
6 Emerging Consumer Attitudes and Trends
6.1 Market Segmentation and Targeting
6.1.1 Consumer cards
6.1.2 Corporate cards
6.2 Travel Spending
6.2.1 Outbound trips volume and spending
6.2.2 Inbound trips volume and spending
7 Payment Cards
7.1 Payment Cards Instrument Analysis
7.1.1 Number of cards in circulation by card type
7.1.2 Transaction volume by card type
7.1.3 Transaction value by card type
7.1.4 Personal vs commercial cards
8 Debit Cards
8.1 Debit Cards Market Analysis
8.1.1 Number of debit cards in circulation
8.1.2 Debit cards transaction volume by channel
8.1.3 Debit cards transaction value by channel
8.1.4 Number of debit cards in circulation by scheme
8.1.5 Debit cards transaction value by scheme
8.1.6 Debit cards issuers market shares
8.1.7 Debit cards comparison
9 Credit Cards
9.1 Credit Cards Market Analysis
9.1.1 Number of credit cards in circulation
9.1.2 Credit cards transaction volume by channel
9.1.3 Credit cards transaction value by channel
9.1.4 Number of credit cards in circulation by scheme
9.1.5 Credit cards transaction value by scheme
9.1.6 Credit cards issuers market share
9.1.7 Credit cards comparison
10 Charge Cards
10.1 Charge Cards Market Analysis
10.1.1 Number of charge cards in circulation
10.1.2 Charge cards transaction volume by channel
10.1.3 Charge cards transaction value by channel
10.1.4 Number of charge cards in circulation by scheme
10.1.5 Charge cards transaction value by scheme
10.1.6 Charge cards comparison
11 Commercial Cards
11.1 Commercial Cards Market Analysis
11.1.1 Number of commercial cards in circulation
11.1.2 Commercial cards transaction value
11.1.3 Commercial credit cards
11.1.4 Commercial charge cards
11.1.5 Commercial cards comparison
12 Regulations in the Cards and Payments Industry
12.1 Regulatory Framework
12.2 Anti-Money Laundering and Combating of Terrorism Financing (AML and CTF)
12.3 Foreign Direct Investment (FDI) Regulations
13 Card Fraud Statistics
13.1 Card Fraud Analysis
14 Card Issuers
14.1 Zagreba?ka Banka
14.2 Privredna Banka Zagreb
14.3 Erste and Steiermärkische Banka
14.4 Hrvatska Poštanska Banka
14.5 Splitska Banka
15 Card Schemes
15.1 Visa
15.2 MasterCard
15.3 American Express
15.4 Diners Club
16 Prepaid Cards
16.1 Prepaid Cards Market Analysis
16.1.1 Number of prepaid cards in circulation
16.1.2 Prepaid cards transaction value
16.1.3 Open-loop prepaid cards
16.1.4 Closed-loop prepaid cards
16.1.5 Prepaid cards comparison
17 Appendix
17.1 Tables
17.2 Methodology
17.3 Contact Timetric
17.4 About Timetric
17.5 Timetric's Services
17.6 Definitions
17.7 Disclaimer

List of Tables
Table 1: Croatia - Key Facts, 2013
Table 2: Regional Benchmarking of Croatian Payment Cards, 2013
Table 3: Cards for High-Income Customers, 2014
Table 4: Cards for Students and Young Population, 2014
Table 5: Cards for Shoppers, 2014
Table 6: Cards for Frequent Travelers, 2014
Table 7: Cards for Corporate Customers, 2014
Table 8: Regional Benchmarking of Croatian Debit Cards, 2013
Table 9: Croatia - Visa Domestic Interchange Reimbursement Fees, 2013
Table 10: Croatia - MasterCard Consumer Card and Commercial Card Interchange Fees, 2014
Table 11: Croatia - Debit Cards Comparison and Key Features, 2014
Table 12: Regional Benchmarking of Croatian Credit Cards, 2013
Table 13: Croatia - Visa Domestic Interchange Reimbursement Fees, 2013
Table 14: Croatia - MasterCard Consumer Card and Commercial Card Interchange Fees, 2014
Table 15: Croatia - Gold Credit Cards Comparison and Key Features
Table 16: Croatia - Premium Credit Cards Comparison and Key Features
Table 17: Regional Benchmarking of Croatian Charge Cards, 2013
Table 18: Croatia - Charge Cards Comparison and Key Features, 2014
Table 19: Croatia - Commercial Cards Comparison and Key Features, 2014
Table 20: Croatia - Market-Entry Strategies of Foreign Banks and Institutions
Table 21: Regional Benchmarking of Croatian Prepaid Cards, 2013
Table 22: Croatia - Prepaid Cards Comparison and Key Features
Table 23: Croatia - Payment Instruments Transaction Value (HRK Million), 2009-2013
Table 24: Croatia - Payment Instruments Transaction Value (US$ Million), 2009-2013
Table 25: Croatia - Payment Instruments Transaction Volume (Million), 2009-2013
Table 26: Croatia - Number of Cards in Circulation by Card Types (Thousand), 2009-2018
Table 27: Croatia - Transaction Volume by Card Type (Million), 2009-2018
Table 28: Croatia - Transaction Value by Card Type (HRK Billion), 2009-2018
Table 29: Croatia - Transaction Value by Card Type (US$ Billion), 2009-2018
Table 30: Croatia - Personal and Commercial Cards Transaction Value (HRK Billion), 2009-2018
Table 31: Croatia - Personal and Commercial Cards Transaction Value (US$ Billion), 2009-2018
Table 32: Croatia - Number of Debit Cards in Circulation (Million), 2009-2018
Table 33: Croatia - Debit Cards Transaction Volume and Frequency by Channel, 2009-2018
Table 34: Croatia - Debit Cards Total and Average Transaction Value by Channel, 2009-2018
Table 35: Croatia - Debit Cards Total and Average Transaction Value by Channel, 2009-2018
Table 36: Croatia - Number of Debit Cards in Circulation By Scheme (Million), 2009-2013
Table 37: Croatia - Debit Cards Transaction Value By Scheme (HRK Billion), 2009-2013
Table 38: Croatia - Debit Cards Transaction Value By Scheme (US$ Billion), 2009-2013
Table 39: Croatia - Debit Cards Transaction Value by Issuer (HRK Billion), 2009-2013
Table 40: Croatia - Debit Cards Transaction Value by Issuer (US$ Billion), 2009-2013
Table 41: Croatia - Number of Credit Cards in Circulation (Thousand), 2009-2018
Table 42: Croatia - Credit Cards Transaction Volume and Frequency by Channel, 2009-2018
Table 43: Croatia - Credit Cards Total and Average Transaction Value by Channel, 2009-2018
Table 44: Croatia - Credit Cards Total and Average Transaction Value by Channel, 2009-2018
Table 45: Croatia - Number of Credit Cards in Circulation By Scheme (Thousand), 2009-2013
Table 46: Croatia - Credit Cards Transaction Value By Scheme (HRK Million), 2009-2013
Table 47: Croatia - Credit Cards Transaction Value By Scheme (US$ Million), 2009-2013
Table 48: Croatia - Credit Cards Transaction Value By Issuer (HRK Million), 2009-2013
Table 49: Croatia - Credit Cards Transaction Value By Issuer (US$ Million), 2009-2013
Table 50: Croatia - Credit Cards Balance Outstanding By Issuer (HRK Million), 2009-2013
Table 51: Croatia - Credit Cards Balance Outstanding By Issuer (US$ Million), 2009-2013
Table 52: Croatia - Number of Charge Cards in Circulation (Thousand), 2009-2018
Table 53: Croatia - Charge Cards Transaction Volume and Frequency by Channel, 2009-2018
Table 54: Croatia - Charge Cards Total and Average Transaction Value by Channel, 2009-2018
Table 55: Croatia - Charge Cards Total and Average Transaction Value by Channel, 2009-2018
Table 56: Croatia - Number of Charge Cards in Circulation By Scheme (Thousand), 2009-2013
Table 57: Croatia - Charge Cards Transaction Value By Scheme (HRK Billion), 2009-2013
Table 58: Croatia - Charge Cards Transaction Value By Scheme (US$ Billion), 2009-2013
Table 59: Croatia - Number of Commercial Cards in Circulation (Thousand), 2009-2018
Table 60: Croatia - Commercial Cards Transaction Value (HRK Billion), 2009-2018
Table 61: Croatia - Commercial Cards Transaction Value (US$ Million), 2009-2018
Table 62: Croatia - Commercial Credit Cards, 2009-2018
Table 63: Croatia - Commercial Charge Cards, 2009-2018
Table 64: Croatia - Card Fraud (HRK Million), 2009-2013
Table 65: Croatia - Card Fraud (US$ Thousand), 2009-2013
Table 66: Croatia - Number of Prepaid Cards in Circulation (Million), 2009-2018
Table 67: Croatia - Prepaid Cards Transaction Value (HRK Million), 2009-2018
Table 68: Croatia - Prepaid Cards Transaction Value (US$ Million), 2009-2018
Table 69: Croatia - Open-Loop Prepaid Cards, 2009-2018
Table 70: Croatia - Closed-Loop Prepaid Cards, 2009-2018
Table 71: Key Definitions

List of Figures
Figure 1: Croatia - Payment Instrument Shares by Transaction Value (%), 2009 and 2013
Figure 2: Croatia - Payment Instrument Shares by Transaction Volume (%), 2009 and 2013
Figure 3: Croatia - Payment Cards Transaction Value and Growth, 2009-2018
Figure 4: Croatia - Total Population (Million) and Proportion Aged Over 65 Years, 2009-2018
Figure 5: Croatia - Nominal GDP per Capita (US$) and Real GDP Growth Rate (%), 2009-2018
Figure 6: Croatia - Volume of ATMs and Penetration, 2009-2018
Figure 7: Croatia - Volume of POS Terminals and Penetration, 2009-2018
Figure 8: Croatia - E-Commerce Value (HRK Million), 2009-2018
Figure 9: Croatia - Cards and Payments Industry Segmentation by Card Type, 2014
Figure 10: Croatia - Outbound Trips Volume and Spending, 2009-2018
Figure 11: Croatia - Inbound Trips Volume and Spending, 2009-2018
Figure 12: Croatia - Card Shares In Terms of Numbers in Circulation (%), 2009-2018
Figure 13: Croatia - Card Shares in Terms of Transaction Volume (%), 2009-2018
Figure 14: Croatia - Card Shares in Terms of Transaction Value (%), 2009-2018
Figure 15: Croatia - Personal and Commercial Cards, Transaction Value (HRK Billion), 2009-2018
Figure 16: Croatia - Number of Debit Cards in Circulation (Million), 2009-2018
Figure 17: Croatia - Debit Cards Transaction Volume by Channel (Million), 2009-2018
Figure 18: Croatia - Debit Cards Transaction Value by Channel (HRK Billion), 2009-2018
Figure 19: Croatia - Debit Cards Scheme Market Shares in Terms of Number of Cards in Circulation (%), 2013
Figure 20: Croatia - Debit Cards Scheme Market Shares in Terms of Transaction Value (%), 2013
Figure 21: Croatia - Debit Cards Issuers' Market Shares in Terms of Transaction Value (%), 2013
Figure 22: Croatia - Number of Credit Cards in Circulation (Thousand), 2009-2018
Figure 23: Croatia - Credit Cards Transaction Volume by Channel (Million), 2009-2018
Figure 24: Croatia - Credit Cards Transaction Value by Channel (HRK Billion), 2009-2018
Figure 25: Croatia - Credit Cards Scheme Market Shares in Terms of Number of Cards in Circulation (%), 2013
Figure 26: Croatia - Credit Cards Scheme Market Shares in Terms of Transaction Value (%), 2013
Figure 27: Croatia - Credit Cards Issuers' Market Shares in Terms of Transaction Value (%), 2013
Figure 28: Croatia - Credit Cards Issuers' Market Shares in Terms of Outstanding Balance (%), 2013
Figure 29: Croatia - Number of Charge Cards in Circulation (Thousand), 2009-2018
Figure 30: Croatia - Charge Cards Transaction Volume by Channel (Million), 2009-2018
Figure 31: Croatia - Charge Cards Transaction Value by Channel (HRK Billion), 2009-2018
Figure 32: Croatia - Charge Cards Scheme Market Shares in Terms of Number of Cards in Circulation (%), 2013
Figure 33: Croatia - Charge Cards Scheme Market Shares in Terms of Transaction Value (%), 2013
Figure 34: Croatia - Number of Commercial Cards in Circulation (Thousand), 2009-2018
Figure 35: Croatia - Commercial Cards Transaction Value (HRK Million), 2009-2018
Figure 36: Croatia - Shares of Various Types of Card Fraud in Terms of Transaction Value (%), 2009 and 2013
Figure 37: Croatia - Number of Prepaid Cards in Circulation (Million), 2009-2018
Figure 38: Croatia - Prepaid Cards Transaction Value (HRK Million), 2009-2018

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