Market Research Reports, Inc. has announced the addition of “Colombia's Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape” research report to their website http://www.MarketResearchReports.com
Lewes, DE -- (SBWIRE) -- 12/26/2014 -- The report provides top-level market analysis, information and insights into Colombia's cards and payments industry, including:
- Current and forecast values for each category of Colombia's cards and payments industry, including debit cards, credit cards and prepaid cards
- Comprehensive analysis of the industry's market attractiveness and future growth areas
- Analysis of various market drivers and regulations governing Colombia's cards and payments industry
- Detailed analysis of the marketing strategies adopted for selling debit, credit and prepaid cards used by banks and other institutions in the market
- Comprehensive analysis of consumer attitudes and buying preferences for cards
- The competitive landscape of Colombia's cards and payments industry
In 2013, Colombia surpassed Argentina to become the third-largest economy in Latin America and was the fourth-highest recipient of foreign direct investment (FDI), with US$17.0 billion in the same year. Of the total population of 47.2 million, however, the unbanked population accounted for nearly 35% of the adult population in 2013, according to the Colombian Banking Association. The low banking penetration levels present banks and card issuers operating with growth potential. Banks have stepped in to take advantage of this large untapped market, having introduced a number of cards targeting the unbanked population. While leading card issuers pushed for growth by offering improved products, services and marketing campaigns, while the government encouraged electronic payments through its financial inclusion plan. Consequently, Colombian payment cards registered healthy growth during the review period (2009–2013), and are anticipated to continue the same trend over the forecast period (2014–2018).
In terms of the number of cards in circulation, Colombian payment cards (including debit and credit cards) registered a positive growth during the review period, recording a compound annual growth rate (CAGR) of 8.05% and increasing from 22.6 million in 2009 to 30.8 million in 2013. Growth in the industry is expected to be driven by growth in the retail sector, an increasing demand for debit and credit cards, a better regulatory framework, an increasing market for online and mobile commerce and a positive economic outlook.
In 2013, the average transaction value (ATV) in Colombia was US$121, which was the second-highest in the Latin-American region. Peru recorded the highest ATV with US$144.3, followed by Chile (US$82.4), Venezuela (US$71.4), Brazil (US$69.6) and Argentina (US$50).
Similarly, in terms of card penetration, Colombia recorded 0.7 cards per inhabitant in 2013, while Brazil, Argentina, Chile, Venezuela and Peru recorded 2.6, 1.4, 1.3, 1.1 and 0.6 respectively. In terms of the frequency of use, Colombia recorded 28.7 transactions per card in the same year, while Venezuela, Argentina, Chile, Peru and Brazil recorded respective numbers of 61.2, 42.3, 37.6, 30.2 and 23.7.
Colombian payment cards grew both in terms of transaction value and volume during the review period. In terms of transaction value, payment cards posted a CAGR of 10.10%, increasing from COP136.9 trillion (US$63.4 billion) in 2009 to COP201.1 trillion (US$105.9 billion) in 2013. It is anticipated that this value will increase at a CAGR of 3.91% over the forecast period, to reach COP246.3 trillion (US$137 billion) in 2018. In terms of transaction volume, payment cards increased from 636.2 million in 2009 to 885.2 million in 2013, at a review-period CAGR of 8.61%. It is expected to reach 1.1 billion transactions in 2018, growing at a CAGR of 4.10% over the forecast period.
Prepaid cards are gaining popularity among Colombian consumers. Banks offer a range of prepaid card variants, such as gift cards, transport cards, food cards, fuel cards and shopping cards, and do not insist on having an account with them to issue these cards. Likewise, the majority of the Colombian companies offer prepaid cards to their employees as part of their salary packages. These cards are offered to meet food and fuel expenses. BBVA Colombia and Banco Davivienda offer Visa-branded prepaid cards called 'Visa Vale' to their employees. The growth of the prepaid card market has attracted new entrants. The US-based Latin American prepaid service provider NovoPayment launched its Colombian operations in 2009. The company offers three reloadable MasterCard-branded prepaid corporate cards: the Plata Combustible (money-fuel); the Plata Compras (money-purchases) cash management card; and the Plata Clásica payroll card for the unbanked population.
This report provides a comprehensive analysis of Colombia's cards and payments industry.
- It provides current values for Colombia's cards and payments industry for 2013, and forecast figures for 2018.
- It details the different economic, infrastructural and business drivers affecting Colombia's cards and payments industry.
- It outlines the current regulatory framework in the industry.
- It details the marketing strategies used by various banks and other institutions.
- It profiles the major banks in Colombia's cards and payments industry.
Reasons to Buy
- Make strategic business decisions using top-level historic and forecast market data related to Colombia's cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in Colombia's cards and payments industry.
- Assess the competitive dynamics in Colombia's cards and payments industry.
- Gain insights in to the marketing strategies used for selling various card types in Colombia.
- Gain insights into key regulations governing Colombia's cards and payments industry.
Spanning over 85 pages, "Colombia's Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape" report covering the Introduction Key Facts and Top Events, Executive Summary, Payment Instruments, Market Attractiveness and Future Prospects of Cards and Payments, Analysis of Cards and Payments Industry Drivers, Emerging Consumer Attitudes and Trends, Payment Cards, Debit Cards, Credit Cards, Commercial Cards, Regulations in the Cards and Payments Industry, Card Fraud Statistics, Card Issuers, Card Schemes, Prepaid Cards, Appendix. The report covered companies are - Bancolombia, Banco Davivienda, BBVA Colombia, Banco de Bogotá, Banco Caja Social, Banco Colpatria, Citibank, MasterCard, Visa, Diners Club, American Express
For more information see - http://www.marketresearchreports.com/timetric/colombias-cards-and-payments-industry-emerging-opportunities-trends-size-drivers-strategies
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