Jordan Country Report

Jordan Payments Market | Country Report

A comprehensive overview of cards, payments and retail banking in Jordan.

JORDAN CARDS AND PAYMENTS REPORT | KEY FACTS

• Jordan has taken in around 1.4 million Syrian refugees since 2011, putting pressure on public finances. Despite this, consistent economic growth of two to three per cent has prevailed.
• The retail banking market is competitive with 25 banks operating in the country and the largest five accounting for half of assets.
• Three-quarters of the population do not have a bank account. The government is promoting the development of mobile financial services to address this issue.
• The central bank operates JoMoPay, a central switch which enables cross-network transfers between mobile providers and interoperability with the country's broader payments infrastructure.
• Jordan's consumer credit market should be boosted by the launch in 2016 of the country's first credit bureau.
• Cash is the dominant payment method in Jordan, accounting for well over 90 per cent of payments. Low levels of financial inclusion are a major contributing factor to this trend.
• Card use is concentrated among the affluent and in urban areas. Credit cards account for the majority of card purchases though there are four times as many debit cards in circulation.
• In common with other Middle Eastern markets, Jordanian issuers have focused their credit cards business on premium customers in recent years.
• Arab Bank is the leading card issuer with a market share of almost a third of issued credit and debit cards and over half of credit card outstandings.
• The merchant acquiring market is dominated by two non-bank entities – Emerging Market Payments (EMP) and Middle East Payment Services (MEPS).