Mexico Cards and Payments Industry 2014 Key Trends, Demand, Size, Forecast and Analysis to 2017
Deerfield Beach, FL -- (SBWIRE) -- 09/10/2015 -- Synopsis
Current and forecast values for each category of Mexico's cards and payments industry, including debit cards, credit cards, prepaid cards and charge cards.
Comprehensive analysis of the industry's market attractiveness and future growth areas.
Analysis of various market drivers and regulations governing Mexico's cards and payments industry.
Detailed analysis of the marketing strategies adopted for selling debit, credit, charge and prepaid cards used by various bankers and other institutions in the market.
Comprehensive analysis of consumer attitudes and buying preferences for cards.
An overview of the competitive landscape of Mexico's cards and payments industry.
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The debit cards category was the prime growth driver of the Mexican card payments channel during the review period (2008?2012), and recorded a CAGR of 13.15% in terms of the volume of cards in circulation. The debit cards category posted the highest transaction value and valued MXN2.6 trillion (US$199.7 billion) in 2012. Within the credit card category, the overall transaction value reached MXN467.2 billion (US$35.4 billion) in 2012.
The prepaid cards category is expected to exhibit strong growth prospects over the forecast period (2013?2017) and post a CAGR of 5.69% in terms of the volume of cards in circulation. This will be driven by government payroll cards, government welfare (benefit cards), prepaid transport cards and prepaid gift cards. In association with mobile services operator Rêv Worldwide, domestic bank Banorte launched a general-purpose reloadable card, MiFon. This is expected to support the prepaid cards category over the forecast period. Rather than purchasing products through credit, the Mexican population tends to base their expenditure on their income value, which is expected to increase the scope for prepaid cards as customers are able to define an upper limit on spending.
This report provides a comprehensive analysis of Mexico's cards and payments industry.
It provides the current value for Mexico's cards and payments industry for 2012, and forecast figures for 2017.
It details the different economic, infrastructural and business drivers affecting Mexico's cards and payments industry.
It outlines the regulatory framework in the industry.
It details the marketing strategies used by various banks and other institutions.
It profiles the major banks in Mexico's cards and payments industry.
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- The debit cards category was the prime growth driver of the Mexican card payments channel during the review period (2008?2012), and recorded a CAGR of 13.15% in terms of the volume of cards in circulation. The debit cards category posted the highest transaction value and valued MXN2.6 trillion (US$199.7 billion) in 2012. Within the credit card category, the overall transaction value reached MXN467.2 billion (US$35.4 billion) in 2012.
- The prepaid card category has growth prospects. The closed-loop prepaid cards segment is expected to grow at a forecast-period CAGR of 7.84%. General-purpose reloadable prepaid cards are popular and are issued by banks such as Banamex, Walmart and Azteca. There is also potential to expand prepaid gift and government payroll cards.
- Mexico's unbanked population offers the industry growth potential. As of 2012, nearly 70% of the population was unbanked, and nearly 54% of municipalities lack access to at least one bank or microfinance institution. Banks have, therefore, taken initiatives to roll out prepaid cards to the unbanked population. Cards can also be obtained from an agent and Banorte Bank, in association with the US-based prepaid card program manager Rêv Worldwide, is offering MiFon, a MasterCard-branded general-purpose reloadable prepaid card for unbanked individuals.
- Remittance inflows are expected to serve as a key base for expanding card-based payments. In 2012, remittances declined due to immigration restrictions set by the US government and totaled US$22.3 billion. A number of banks such as Banamex and Banorte offer cards for remittances, while money transfer companies such as MoneyGram have developed schemes that facilitate the direct transfer of remittances from the US to Mexico through debit or credit accounts. Remittance inflows provide an opportunity for prepaid cards, such as MasterCard's MoneySend computer- and mobile-based service that enables prepaid cardholders to transfer funds from the US to Mexico.
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