Financial cards and payments in 2024: The big picture
Financial cards and payments continued to grow in Peru in 2024, due to several factors. One of the most influential factors is the improvement of the Peruvian economy, which is helping to boost consumption in general, thanks to the growth in national production, with inflation levels within the target range, and the greater possibilities of obtaining work.
2024 key trends
Technology plays a very important role in Peruvian financial cards and payments, since it enables the offer of modern and high-performance products, which directly contributes to boosting the use of various payment methods other than cash. In this sense, the incorporation of Near Field Communication (NFC) technology continues to be widely accepted by users, because the vast majority are using cards (debit, credit or pre-paid) within the contactless system, which is easy to use and also provides security, as it does not require handing a card over to the seller, cashier, or waiter at the restaurant, which prevents the possibility of theft or fraud in the transaction.
Credit card late payment has increased due to economic difficulties experienced in the 2023 recession and high interest rates
An increase in late credit card payments has been observed, which is due to the difficulties that some people are having in meeting their payment commitments, as a result of the economic recession that Peru experienced in 2023. This affected employment and purchasing power and, despite the fact that the economy has been improving in 2024, many people fell into significant debt and have not been able to improve their incomes to meet their payment commitments.
Competitive landscape
High competition continues among financial institutions in financial cards and payments market in Peru, because the different players maintain high dynamism in the offer of different types of cards and provide competitive service to their clients.
What next for financial cards and payments?
Financial cards and payments is expected to maintain growth, especially in the use of cards and digital payment methods. This is in line with ongoing improvements in the Peruvian economy, thanks to the increase in national production, with inflation levels within the target range, and improvements in job placement.
Delivery:
Files are delivered directly into your account soon after payment is received and any tax certification is verified (where applicable).
This report comes in PDF.
Overview:
Understand the latest market trends and future growth opportunities for the Financial Cards and Payments industry in Peru with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Financial Cards and Payments industry in Peru, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Financial Cards and Payments in Peru report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Financial Cards and Payments in Peru?
- What are the major trends key to understanding Financial Cards and Payments in Peru?
- How has COVID-19, recession and macroeconomic volatility impacted the market?
- How long will the market take to recover? What are the opportunities now?
- How will political context and shifting cultural values shape future growth?
- Where is future growth expected to be most dynamic?
Financial Cards and Payments in Peru - Industry Overview
Financial cards and payments in 2024: The big picture
2024 key trends
Credit card late payment has increased due to economic difficulties experienced in the 2023 recession and high interest rates
Competitive landscape
What next for financial cards and payments?
DISCLAIMER
Credit Cards in Peru - Category analysis
KEY DATA FINDINGS
Credit cards face ongoing competition from other payment methods, with high interest rates also remaining a deterrent
Rate of credit card default continues to increase, reducing struggling consumers’ access to new lines of credit and personal loans
High competition continues among financial institutions, with a focus on promoting the greater use of credit cards and exclusive banking
Credit card usage will remain positive, thanks to an improving economy and possible decrease in interest rates
Incorporation of Municipal Savings Banks into the credit card market stimulates competition
Fintechs and electronic wallets contribute to developments in credit cards
Debit Cards in Peru - Category analysis
KEY DATA FINDINGS
Debit card usage continues to grow, thanks to improving economy and greater acceptance by users and businesses
Rapid implementation of NFC and TTP technology is helping to boost the use of debit cards in payment processes
Financial institutions continue to show dynamism regarding debit cards, promoting access to their virtual platforms
Debit card usage will continue to grow, while digital wallets also rise in popularity
Developments in technology will continue and expand with more points of sale
Ongoing efforts made to combat fraud and provide greater security in the use of debit cards
Pre-Paid Cards in Peru - Category analysis
KEY DATA FINDINGS
Pre-paid cards maintain healthy growth, thanks to increased demand from users who value their benefits
Closed loop pre-paid cards benefit from public transport cards and a greater number of recharge points
Open loop pre-paid cards benefit from a widening range of uses and ease of access to unbanked consumers
Pre-paid cards will maintain growth, thanks to ongoing demand
Launch of a new single pre-paid card for urban transport services will further support usage of closed loop cards
Use of gift cards could contribute to the growth of closed loop pre-paid cards, thanks to the launch of Dollarcity gift cards in its expansion strategy in Peru
Store Cards in Peru - Category analysis
KEY DATA FINDINGS
Traditional store cards being phased out, as they are transformed into Visa or Mastercard credit cards
Stores focus their strategy on commercial efforts, while promoting credit cards under their brand
Store credit cards play an important role in online sales, which are widely promoted and highlight advantages
Store cards will become extinct in favour of the new credit card versions
Store-branded credit cards will continue to have a significant presence in online sales of these stores
Store-branded credit cards will continue to have higher interest rates than bank credit cards, but with other benefits in stores
The following categories and subcategories are included:
Financial Cards and Payments
-
- ATM Cards
-
- Commercial Charge Cards
- Personal Charge Cards
-
- Commercial Credit Cards
- Personal Credit Cards
-
- Commercial Debit Cards
- Personal Debit Cards
-
- Closed Loop Pre-Paid Cards
- Open Loop Pre-Paid Cards
- Store Cards
-
-
- ATM Transactions
-
-
- Commercial Charge Card Transactions
- Personal Charge Card Transactions
-
- Commercial Credit Card Transactions
-
- Average Personal Credit Card Balance
- Average Personal Credit Card Limit
- Personal Credit Card Utilisation
-
- Commercial Debit Card Transactions
- Personal Debit Card Transactions
-
- Closed Loop Pre-Paid Card Transactions
- Open Loop Pre-Paid Card Transactions
- Store Card Transactions
-
-
- Commercial Card Payment Transactions
- Commercial Electronic Direct/ACH Transactions
- Commercial Paper Payment Transactions
-
- Personal Card Payment Transactions
- Personal Electronic Direct/ACH Transactions
- Personal Paper Payment Transactions
-
-
- Commercial Electronic Direct/ACH Transactions
- Personal Electronic Direct/ACH Transactions
-
-
- Commercial Cash Transactions
- Commercial Other Paper Transactions
-
- Personal Cash Transactions
- Personal Other Paper Transactions
-
-
-
-
-
- Mobile Proximity Payments
- Mobile Remote Payments
-
Financial Cards and Payments
Payments are tracked based on the country of residence / account issuance and include outbound spend while excluding inbound spend.
See all of our definitionsWhy buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Financial Cards and Payments research and analysis database.
NEW REPORT GUARANTEE
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!