In terms of number of cards in circulation, the Peru payment cards market grew at a CAGR of 7.6% during the period 2012-2014 and it is expected to grow further over the forecast period. In 2012, Peru’s GDP per capita was USD 6,325, which is likely to increase further over the period 2015–2020, to reach USD 6,882 in 2020. This increase is expected to increase the cards usage over the forecast period. Also Peru’s population grew steadily from 30.4 million in 2012 to 31.4 million in 2014, and is expected to reach 34.4 million by 2020. The increase in population is expected to encourage card spending over the forecast period.
In Peru, the debit cards dominate the card payments market in terms of number of cards in circulation. Debit card also dominated the Peru card payments market in terms of number of transactions and value of transactions. Average debit card transaction value increased from PEN 362.9 in 2012 to PEN 409.0 in 2014, at a CAGR of 6.2%.
The credit card penetration in Peru per 100 inhabitants increased from 19 in 2012 to 21 in 2014 and it is further expected to increase during the forecast period. The transaction value of credit cards reported at POS terminals was greater than at ATMs. The average credit card transaction value in Peru declined marginally from PEN 375.8 in 2012 to PEN 368.1 in 2014, at a CAGR of -1.0%. The average transaction value is anticipated to decrease during the forecast period.
Some of the key players in the debit cards market include Banco de Crédito del Perú, BBVA Continental Scotiabank, Midbanco, Banco Financiero and Banco Falabella Peru. Banco de Crédito del Perú was the leading bank in terms of the number of debit cards in 2014. Some of the key players in the credit card market of Peru include Banco Falabella Peru, Banco de Crédito del Perú, Interbank, BBVA Continental and Scotiabank. In the credit card segment, Banco Falabella Peru was the leading bank in 2014, in terms of number of credit cards in circulation.
News Courtesy: P&S Market Research