Lewes, DE -- (ReleaseWire) -- 06/12/2014 -- 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.
The report provides top-level market analysis, information and insights on Peru's cards and payments industry, including:
- Current and forecast values for each category of Peru'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 Peru'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 Peru's cards and payments industry
For more information see - http://www.marketresearchreports.com/timetric/perus-cards-and-payments-industry-emerging-opportunities-trends-size-drivers-strategies
- 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 2013, and forecast figures for 2018.
- It details the different economic, infrastructural 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 banks and other institutions.
- It profiles the major banks in Peru's cards and payments industry.
Reasons to Buy
- Make strategic business decisions using top-level 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 in to the marketing strategies used for selling various card types in Peru.
- Gain insights into key regulations governing Peru's cards and payments industry.
- In 2005, regulations were introduced which allowed banks to offer financial services through third-party agents, subject to prior authorization from the Banking and Insurance Superintendency (SBS). Agents are typically small retail establishments through which banks are able to execute financial transactions such as loan payments, withdrawals, transfers, deposits to a customer or a third party’s account, payments on goods or services, and other functions permitted by the SBS.
- The Peruvian government introduced e-money regulations in May 2012, as part of its financial inclusion plan to bring a large section of the unbanked population into the formal banking system. E-money regulations were adopted primarily to benefit Peruvian citizens living in rural areas who have little access to banking services and infrastructure. Under the regulations, banks, financial companies and savings banks authorized by SBS are allowed to offer e-money services, although this will also pave the way for Electronic Money Issuer Companies (EEDE), specialized companies that offer e-money services.
- Mobile payments (m-payments) grew from PEN236.7 million (US$78.6 million) in 2009 to PEN1.4 billion (US$528.0 million) in 2013, and are anticipated to reach PEN4.2 billion (US$1.5 billion) in 2018. Similarly, e-commerce registered a review-period CAGR of 31.55%, rising from PEN853.7 million (US$283.5 million) in 2009 to PEN2.6 billion (US$945.5 million) in 2013, and is anticipated to grow even further over the forecast period.
In line with the increase of outbound travelers, outbound travel spending among the retail and corporate segments increased at a CAGR of 6.21% during the review period, and is anticipated to increase further over the forecast period, reaching a CAGR of 4.06% and further fueling the growth of travel cards.
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Spanning over 89 pages, “Peru's Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape” report covering the Analysis of Market Environment, Key Trends and Drivers, Cards and Payments Industry Share Analysis, Regulatory Framework and Card Fraud Statistics, Emerging Consumer Attitudes and Trends, Analysis of Card Payments and Growth Prospects, Analysis of Credit Card Payments and Growth Prospects, Analysis of Debit Card Payments and Growth Prospects, Analysis of Prepaid Card Payments and Growth Prospects, Merchant Acquiring, Company Profiles of Card Issuers, Appendix. The report covered 9 companies - Banco de Crédito del Perú, Banco Financiero, Interbank, BBVA Continental, Banco Falabella, American Express, Diners Club, MasterCard, Visa.
Find other Reports on Peru Market at: http://www.marketresearchreports.com/countries/peru
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