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Peru Cards and Payments - Opportunities and Risks to 2024

August 2020 | 54 pages | ID: P4131DB11F08EN
GlobalData

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Peru Cards and Payments - Opportunities and Risks to 2024

SUMMARY

GlobalData’s 'Peru Cards and Payments - Opportunities and Risks to 2024' report provides detailed analysis of market trends in Peru’s cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards, credit transfers, cheques, and direct debits during the review-period (2016-20e).

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 (2020e-24f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

This report provides top-level market analysis, information and insights into Peru's cards and payments industry, including -
  • Current and forecast values for each market in Peru’s cards and payments industry, including debit and credit cards.
  • Detailed insights into payment instruments including cards, credit transfers, cheques, and direct debits. It also, includes an overview of the country's key alternative payment instruments.
  • E-commerce market analysis .
  • Analysis of various market drivers and regulations governing Peru’s cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
SCOPE
  • Payments via QR codes are gaining prominence in Peru. To enhance security and standardize QR code payments, on February 2, 2020 Banco Central de Reserva del Per? (the country’s central bank) introduced the Regulation of the Payment Service with Quick Response Codes. The regulation establishes a standard for payments made using QR codes and sets a legal framework for service providers and payment networks. The regulation mandates that issuers and service providers follow the international standard EMV QR Code specification for payment systems.
  • Contactless payments are gaining prominence in the country, with major banks including BBVA Continental, BCP, and Interbank now offering contactless cards. As per BBVA Continental data reported in November 2019, 10% of all card payments in the market are made via contactless technology. Contactless acceptance is now being extended to public transport and malls. In July 2020, the Urban Transport Authority enabled debit, credit, and prepaid card holders to make contactless payments for buses in Peru. As per the authority, 300 units will be installed on buses to accept contactless payments. In July 2020, Mall Aventura started implementing contactless payments among retailers in the mall. Meanwhile, the ongoing COVID-19 pandemic will further drive contactless payments for low-value day-to-day transactions as consumers refrain from using cash in order to contain the spread of the virus.
  • To capitalize on the growing credit card space, fintech companies are also entering the market. In 2020, digital-only bank B89 announced it would launch Visa credit cards in Peru with a special focus on young Peruvians and millennials. The company claims it has over 2,000 clients on the waiting list for its credit cards. The bank will officially launch in January 2021.
REASONS TO BUY
  • Make strategic business decisions, using top-level historic and forecast market data, related to Peru’s cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in Peru’s cards and payments industry.
  • Assess the competitive dynamics in Peru’s cards and payments industry.
  • Gain insights into marketing strategies used for various card types in Peru.
  • Gain insights into key regulations governing Peru’s cards and payments industry.
Payment Instruments
Card-based Payments
E-commerce Payments
Alternative Payments
Payment Innovations
Payments Infrastructure & Regulation
Appendix

COMPANIES MENTIONED

Banco Central de Reserva del Per?
BBVA Continental
BCP
Interbank
Scotiabank
Mibanco
Visa
Mastercard
American Express
Diners Club
PayPal
Google Pay
Visa Checkout
paysafecard


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