The Peruvian economy was impacted heavily by the global financial crisis, with its GDP growth decelerating from 9.8% in 2008 to 0.9% in 2009. Its economy recovered immediately in 2010, however, recording a GDP growth of 8.8%, mainly due to strong macroeconomic indicators, a sound banking system and a prudent fiscal policy, which in turn improved employment levels and per capita income. Improvements in income levels offered a wider market to banks and financial companies, as they were able to serve a larger section of society, resulting in growth of the Peruvian cards and payments industry during the review period (2009-2013).
The Peruvian card payments channel grew at a healthy pace during the review period, both in terms of volume and value. In terms of the number of cards in circulation, the channel increased from 19.4 million in 2009 to 24.7 million in 2013, at a review-period compound annual growth rate (CAGR) of 6.33%. Over the forecast period, this channel is anticipated to register a CAGR of 8.24%, reaching 38.2 million cards by the end of 2018.
In terms of transaction value, card payments increased from PEN84.1 billion (US$27.9 billion) in 2009 to PEN233.2 billion (US$86.3 billion) in 2013, at a review-period CAGR of 29.03%. This figure is forecast to increase further, from PEN282.5 billion (US$101.6 billion) in 2014 to PEN552.3 billion (US$202.1 billion) in 2018, at a forecast-period CAGR of 18.24%.
Many factors have contributed to the growth of the Peruvian card payments channel over the review period, both in volume and value. Examples of this include the government's initiative to provide banking access through the financial inclusion plan, the growing popularity of payment cards, the availability of retail bank agents in every part of the country, and banks' aggressive promotional strategies.