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New Market Report: Peru's Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape

Recently published research from Timetric, "Peru's Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape", is now available at Fast Market Research

 

Boston, MA -- (ReleaseWire) -- 06/23/2014 -- 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.

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Report Highlights

- 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%.
- 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.

Report Scope

- 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.

Companies Mentioned in this Report: Banco de Credito del Peru, Banco Financiero, Interbank, BBVA Continental, Banco Falabella, American Express, Diners Club, MasterCard, Visa

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