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Emerging Opportunities in Peru's Cards and Payments Industry New Report

 

Naperville, IL -- (SBWIRE) -- 03/07/2013 -- The Peruvian economy has shown a significant upward trend over the last ten years (2002–2012) which has been mainly reflected in sustained annual growth in gross domestic product (GDP). In 2012, Peru’s GDP expanded 6.5% in the third quarter, after expansions of 7.5% in the second quarter and 5.2% in first, mainly driven by domestic demand which grew by nearly 10% in the third quarter of 2012. Peru’s banking system has shown tremendous growth with the steadily growing economy. However, despite its sound economy, the country still has relatively low banking penetration of 25% in comparison with other countries in Latin America, such as Brazil with 45%, and Chile with 60%. This gives financial institutions opportunities to introduce financial products and services to capture this unbanked population. During the review period (2008–2012), both the debit and credit card categories registered slight declines, with respective CAGRs of -3.65% and -1.14%, due to the impact of the global recession in 2009. The number of debit cards fell from 12.3 million in 2008 to 10.6 million in 2012, whereas the number of credit cards fell from 6.0 million to 5.8 million during the same period. Prepaid cards registered the highest growth during the review period with a CAGR of 20.84%, rising from 4.1 million cards in 2008 to 8.7 million in 2012. The prepaid cards category is mainly driven by the country’s unbanked population, and payment service providers are already benefiting from the country’s low banking penetration by offering prepaid cards.

Scope
- This report provides a comprehensive analysis of Peru’s cards and payments industry
- It provides current values for Peru’s cards and payments industry for 2012 and forecast figures for 2017
- It details the different macroeconomic, infrastructural, consumer and business drivers affecting Peru’s cards and payments industry
- It outlines the current regulatory framework in the industry
- It details the marketing strategies used by various bankers and other institutions
- It profiles the major banks in Peru’s cards and payments industry

Reasons to Buy
- Make strategic business decisions using historic and forecast market data related to Peru’s cards and payments industry and each market within it
- Understand the key market trends and growth opportunities within Peru’s cards and payments industry
- Assess the competitive dynamics in Peru’s cards and payments industry
- Gain insights into the marketing strategies used for selling various types of cards in Peru
- Gain insights into key regulations governing Peru’s cards and payments industry

Key Highlights
- The Peruvian economy has shown a significant upward trend over the last ten years (2002–2012) which has been mainly reflected in sustained annual growth in gross domestic product (GDP). In 2012, Peru’s GDP expanded 6.5% in the third quarter, after expansions of 7.5% in the second quarter and 5.2% in first, mainly driven by domestic demand which grew by nearly 10% in the third quarter of 2012.
- During the review period (2008–2012), both the debit and credit card categories registered slight declines, with respective CAGRs of -3.65% and -1.14%, due to the impact of the global recession in 2009. The number of debit cards fell from 12.3 million in 2008 to 10.6 million in 2012, whereas the number of credit cards fell from 6.0 million to 5.8 million during the same period. Prepaid cards registered the highest growth during the review period with a CAGR of 20.84%, rising from 4.1 million cards in 2008 to 8.7 million in 2012.
- E-commerce is an emerging trend which is growing significantly with increasing numbers of internet and smartphone users in Peru. The country’s internet sales recorded 50% growth in 2011, from PEN1.2 billion (US$407.3 million) in 2010 to PEN1.7 billion (US$611 million) in 2011. In 2012, Peru recorded a significant internet penetration of 37.3%, and nearly 47% of total internet users purchase products and services online.
- Peru’s mobile market has a significant potential to expand due to the country’s growing economy. In November 2012, payment solutions provider Ingenico announced the deployment of the new iWL250 3G terminal in Peru with VisaNet, Visa’s electronic payment processing network in Peru.

Companies Mentioned

Banco de Crédito del Perú Banco Financiero HSBC Bank Peru Ingenico NovoPayment

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http://www.reportstack.com/product/95901/emerging-opportunities-in-perus-cards-and-payments-industry-market-size-trends-and-drivers-strategies-products-and-competitive-landscape.html