The Payments Landscape in Peru: Opportunities & Risks to 2023

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Dublin, June 12, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering. provides detailed analysis of market trends in the Peruvian cards and payments industry.It provides values and volumes for a number of key performance indicators in the industry, including cards, credit transfers, direct debits, and cheques during the review-period (2015-19e). The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2019-23f). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.The report brings together research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.The use of cash for consumer payments remains highly prevalent among Peruvians. This is mainly due to the high unbanked population, inadequate banking infrastructure, limited public awareness of electronic payments, and low acceptance of payment cards at merchant outlets. With the government putting concentrated efforts into promoting electronic payments in the country via financial inclusion initiatives and payroll cards, payment cards have gradually gained prominence. As a result of efforts undertaken by Banco Central de Reserva del Per, the adult banked population is estimated to reach 47.9% in 2019 - up significantly from 34% in 2015.Subsequently, the number of payment cards in circulation, transaction volume, and transaction value recorded robust review-period (2015-19e) compound annual growth rates (CAGRs) of 8.4%, 12.3%, and 9.6% respectively - a trend that is anticipated to continue over the forecast period (2019e-23f). The emergence of contactless technology and e-commerce growth are expected to further support the payment card market.Debit cards remain the dominant card type in terms of circulation. Growth is supported by the rising banked population, the government's financial inclusion initiatives, the availability of low-cost bank accounts, and the rising adoption of payroll accounts. Banks are offering benefits to encourage debit card usage for payments, with the frequency of debit card payments per card registering a CAGR of 9.3% during the review period. Credit card penetration has traditionally been low in Peru, standing at 21.2 cards per 100 individuals in 2019. This is mainly due to limited financial inclusion and low awareness of the benefits of credit cards. Despite lower penetration, credit cards are increasingly used for payments, with credit card payments accounting for 70.6% of total payment transaction value in 2019.The Peruvian e-commerce market registered significant growth, increasing from PEN6.1bn ($1.8bn) in 2015 to PEN22.1bn ($6.5bn) in 2019 at a review-period CAGR of 37.7%. Growth was supported by the increasing popularity of online shopping, rising internet penetration, and the wide range of products and services offered by online retailers. In addition, the availability of secure online payment solutions including PayPal, Visa Checkout, and paysafecard also supported this growth.

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Related Topics: Bank Cards, Mobile and Contactless Payments

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Globe Newswire: 11:00 GMT Wednesday 12th June 2019

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