Fast Market Research

"Chile's Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape" Published

New Financial Services research report from Timetric is now available from Fast Market Research

 

Boston, MA -- (ReleaseWire) -- 02/12/2014 -- In terms of the number of cards in circulation, Chile's card payments channel grew at a compound annual growth rate (CAGR) of 15.80% during the review period (2008-2012). The channel is expected to grow at a CAGR of 7.16% over the forecast period (2013-2017). The prepaid card category, which is expected to occupy 33.2% of the overall card payments channel by 2017 in terms of volume of cards, is expected to have the highest growth potential with a CAGR of 10.83%. The debit card category is also expected to grow positively at a forecast-period CAGR of 5.67%.
CuentaRut accounts are expected to foster positive growth in the debit card category over the forecast period. CuentaRut, issued by BancoEstado, is a scheme that provides bank accounts to all Chileans. In 2012, BancoEstado recorded 5.3 million CuentaRut account holders, equal to 30.5% of the Chilean population. The growth of closed-loop prepaid cards is expected to be a major driver of growth in the prepaid card category. Closed-loop prepaid cards include gift cards and prepaid store cards issued by retail outlets. Closed-loop prepaid store cards are used by customers to make regular retail purchases, and are therefore expected to contribute to the growth of the transaction value of the overall prepaid category. The value of closed-loop cards grew from CLP1.1 trillion (US$2.1 billion) in 2008 to CLP3.0 trillion (US$6.4 billion) in 2012, at a review-period CAGR of 26.99%.
Large-scale retail outlets and department stores are using social commerce platforms to expand their cards businesses. Outlets such as Jumbo Cencosud issue gift cards that can be used for online purchases through Facebook accounts.

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Key Highlights

- The Chilean card payments channel grew at a CAGR of 15.80% during the review period. The total number of cards increased from 16.5 million in 2008 to 29.7 million in 2012. The channel is expected to grow at a CAGR of 7.16% over the forecast period.
- Prepaid cards remained the fastest-growing card category during the review period. The category constituted 28.0% of the overall card payments channel in 2012, and grew at a review-period CAGR of 20.11%. The share of the prepaid card category is expected to increase to 33.2% by 2017.
- The debit card category, which constituted 50.5% of the overall card payments channel in 2012, grew at a review-period CAGR of 16.39% during the review period. By 2017, the debit card category's share in the overall card payments channel is expected to fall to 47.2%, due to the emergence of prepaid cards, particularly for retail purchases in department stores and supermarkets. The debit card category is expected to grow at a CAGR of 5.67% over the forecast period.

Companies Mentioned in this Report: Banco de Chile, Banco Santander Chile, BBVA Chile, BancoEstado, Scotiabank Chile, MasterCard, Visa,

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