Just Released: "Emerging Opportunities in Peru's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape"

New Financial Services research report from Timetric is now available from Fast Market Research

by Bill Thompson

(WireNews+Co) - Boston, MA - 12 March 2013

The Peruvian economy has shown a significant upward trend over the last ten years (2002-2012) which has been mainly reflected in sustained annual growth in gross domestic product (GDP). In 2012, Peru's GDP expanded 6.5% in the third quarter, after expansions of 7.5% in the second quarter and 5.2% in first, mainly driven by domestic demand which grew by nearly 10% in the third quarter of 2012. Peru's banking system has shown tremendous growth with the steadily growing economy. However, despite its sound economy, the country still has relatively low banking penetration of 25% in comparison with other countries in Latin America, such as Brazil with 45%, and Chile with 60%. This gives financial institutions opportunities to introduce financial products and services to capture this unbanked population. During the review period (2008-2012), both the debit and credit card categories registered slight declines, with respective CAGRs of -3.65% and -1.14%, due to the impact of the global recession in 2009. The number of debit cards fell from 12.3 million in 2008 to 10.6 million in 2012, whereas the number of credit cards fell from 6.0 million to 5.8 million during the same period. Prepaid cards registered the highest growth during the review period with a CAGR of 20.84%, rising from 4.1 million cards in 2008 to 8.7 million in 2012. The prepaid cards category is mainly driven by the country's unbanked population, and payment service providers are already benefiting from the country's low banking penetration by offering prepaid cards.

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Key Highlights

- The Peruvian economy has shown a significant upward trend over the last ten years (2002-2012) which has been mainly reflected in sustained annual growth in gross domestic product (GDP). In 2012, Peru's GDP expanded 6.5% in the third quarter, after expansions of 7.5% in the second quarter and 5.2% in first, mainly driven by domestic demand which grew by nearly 10% in the third quarter of 2012.
- During the review period (2008-2012), both the debit and credit card categories registered slight declines, with respective CAGRs of -3.65% and -1.14%, due to the impact of the global recession in 2009. The number of debit cards fell from 12.3 million in 2008 to 10.6 million in 2012, whereas the number of credit cards fell from 6.0 million to 5.8 million during the same period. Prepaid cards registered the highest growth during the review period with a CAGR of 20.84%, rising from 4.1 million cards in 2008 to 8.7 million in 2012.
- E-commerce is an emerging trend which is growing significantly with increasing numbers of internet and smartphone users in Peru. The country's internet sales recorded 50% growth in 2011, from PEN1.2 billion (US$407.3 million) in 2010 to PEN1.7 billion (US$611 million) in 2011. In 2012, Peru recorded a significant internet penetration of 37.3%, and nearly 47% of total internet users purchase products and services online.
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Companies Mentioned in this Report: Banco de Credito del Peru, Banco Financiero, HSBC Bank Peru, Ingenico, NovoPayment

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