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Payments Landscape in Slovenia: Opportunities and Risks to 2022

May 2019 | 52 pages | ID: PED1C9275A8EN
GlobalData

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Payments Landscape in Slovenia: Opportunities and Risks to 2022

SUMMARY

GlobalData’s 'Payments Landscape in Slovenia: Opportunities and Risks to 2022', report provides detailed analysis of market trends in the Slovenian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, credit transfers, direct debits, and cheques during the review-period (2014-18e).

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 (2018e-22f). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.

The report brings together GlobalData’s 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.

This report provides top-level market analysis, information and insights into the Slovenian cards and payments industry, including -
  • Current and forecast values for each market in the Slovenian cards and payments industry, including debit, credit, and charge cards.
  • Detailed insights into payment instruments including credit transfers, direct debits, cheques, cash, and cards. 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 the Slovenian cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
SCOPE
  • The shift towards electronic payments is likely to further accelerate, with Slovenian clearing company Bankart receiving approval from Banka Slovenije (the country’s central bank) to deploy Nets’ instant payments platform. Bankart went live with the solution in February 2019. The instant payment system enables the immediate transfer of funds between accounts opened with different banks within Slovenia. The new service operates 24-hours a day, seven days a week, 365 days a year, with each transaction expected to be settled in a maximum of 10 seconds.
  • American Express has exited the Slovenian payments market and terminated its licensing agreements. As a result, all American Express cards issued by Intesa Sanpaolo Bank were terminated after December 31, 2018, and from January 1, 2019 it is no longer possible to conduct transactions with American Express cards.
  • To benefit from the growing preference for alternative payments, banks and payment service providers are launching new payment services, with the latest being the October 2018 launch of mobile wallet app mBills by Germany-based payment solution provider Wirecard (in association with Slovenian energy company Petrol). The app can be used to make both in-store and online payments as well as P2P money transfers. Using the Mastercard debit card issued by Wirecard and connected to the mobile wallet, app users can make payments at 1,500 locations in Slovenia. Earlier in March 2018, NLB launched its NLB Pay mobile wallet, allowing users to make contactless in-store payments.
REASONS TO BUY
  • Make strategic business decisions, using top-level historic and forecast market data, related to the Slovenian cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in the Slovenian cards and payments industry.
  • Assess the competitive dynamics in the Slovenian cards and payments industry.
  • Gain insights into marketing strategies used for various card types in Slovenia
  • Gain insights into key regulations governing the Slovenian cards and payments industry.
Market Overview
Executive Summary
Card-based Payments
E-commerce Payments
Alternative Payments
Payment Innovations
Payments Infrastructure & Regulation
Appendix

COMPANIES MENTIONED

NLB
Nova KBM
Abanka
Intesa Sanpaolo
Société Générale Group
Mastercard
Visa
American Express
Diners Club
Karanta
PayPal
paysafecard
Moneta

The launch of Slovenia’s first instant payments clearing system–RealTime24/7–by Slovenia-based payments company Bankart and Nordic payment processor Nets earlier this year is expected to drive electronic payments adoption and reduce consumers’ dependence on cash over the next five years, observes GlobalData.

GlobalData’s latest report, Payments Landscape in Slovenia: Opportunities and Risks to 2022, states that cash remains the preferred method of payment in Slovenia, accounting for 52.9% of total payment transaction volume in 2018. However, with the introduction of RealTime24/7, coupled with growing adoption of contactless payments, the share of cash within the overall payment volume will drop to 47.5% in 2022.

RealTime24/7, which went live in February 2019, enables immediate fund transfers between accounts opened with different banks within Slovenia.

Kartik Challa, Payments Analyst at GlobalData, comments: “The implementation of Nets’ instant payment system coupled with the rising preference for contactless payments and the emergence of digital-only banks such as N26 is expected to drive the government’s vision of a digital economy.”

In line with other European counterparts, Slovenia is also gradually embracing contactless technology. The number of contactless cards reached 2.4 million in 2018, up from 1.4 million in 2016. In addition to payments at retail outlets, these cards are widely accepted for transport payments.

GlobalData forecasts contactless adoption to drive overall card payments in the country. Card payment value recorded a healthy compound annual growth rate of 7.1% during 2014–18, rising from €4.8bn ($5.5bn) to €6.4bn (US$7.3bn). This figure is set to reach €8.6bn ($9.9bn) in 2022.

Challa concludes: “While cash will continue to occupy a large share of the overall payment landscape, electronic payments will gain ground over the forecast period.”



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