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Country Report

Financial Cards and Payments in

Financial Cards and Payments in Peru

Dec 2020

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Executive Summary

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COVID-19 impact on consumer payments

Numerous interesting trends emerged in Peru’s financial cards and payments industry as a result of the COVID-19 pandemic during 2020. The most important and influential of these trends was the substantial shift seen away from the use of cash and towards the use of financial cards in general.

COVID-19 country impact

It was initially reported that the COVID-19 virus had spread to Peru on 6 March, when a 25-year-old man who had travelled to Spain, France, and the Czech Republic tested positive. A lockdown in Peru began on 16 March and was expected to last until 10 May 2020.

Government financial aid schemes highlight issues caused by low financial inclusion

The COVID-19 situation has resulted in financial hardship for many Peruvian households. In particular, the severe interruption to economic activity in several key sectors that was seen during the second quarter of the year put severe pressure on the incomes of many households, a situation which was exacerbated as the economy continued to falter under the pressure of the COVID-19 pandemic for much of the rest of the year.

Credit cards fails to capitalise on shift away from cash as many remain sceptical

As mentioned above, the most obvious trend to have emerged in the financial cards and payments industry from the COVID-19 pandemic in Peru during 2020 was the significant shift away from the use of cash towards the use of financial cards as a payment method. Traditionally, cash has been the very dominant payment method in the country, a reflection of the low levels of financial participation and the huge size of the country’s unbanked population.

The COVID-19 situation leads to innovation being seen in banking services

The low levels of financial inclusion in Peru and the sheer size of the country’s unbanked population mean that the range of services on offer to those holding accounts with local banks tend to be fairly basic by international standards. However, this has started to change in recent years, with the COVID-19 pandemic providing a very useful context for the country’s leading retail banks to justify offering a wider range of products and services, some of which can be seen as quite innovative.

What next for consumer payments?

While major changes were seen in the attitudes towards banking and financial services in general among the Peruvian population due to the impact of the COVID-19 pandemic during 2020, it is expected that the positive influence of these changes will continue to be seen in the financial cards and payments industry throughout forecast period. In particular, the COVID-19 pandemic has pushed consumers to review their automatic preference for cash in all situations and try new payment methods.

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Overview

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Overview

Discover the latest market trends and uncover sources of future market growth for the Financial Cards and Payments industry in Peru with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Financial Cards and Payments industry in Peru, our research will save you time and money while empowering you to make informed, profitable decisions.

The Financial Cards and Payments in Peru market research report includes:

Analysis of key supply-side and demand trends
Historic volumes and values, company and brand market shares
Five year forecasts of market trends and market growth
Robust and transparent market research methodology, conducted in-country

Our market research reports answer questions such as:

What is the market size of Financial Cards and Payments in Peru?
What are the major operators and issuers in Peru?
How will regulation impact the market?
What is the current state of emerging payment technologies such as mobile commerce?

Why 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

Euromonitor’s industry reports, including Financial Cards and Payments in Peru, originate from our database within our Consumer Finance market share and market size database, Passport, a platform which analyses Consumer Finance in 46 countries and globally.

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Financial Cards and Payments in Peru - Industry Overview

EXECUTIVE SUMMARY

COVID-19 impact on consumer payments

COVID-19 country impact

Government financial aid schemes highlight issues caused by low financial inclusion

Credit cards fails to capitalise on shift away from cash as many remain sceptical

The COVID-19 situation leads to innovation being seen in banking services

What next for consumer payments?

MARKET INDICATORS

Table 1 Number of POS Terminals: Units 2015-2020
Table 2 Number of ATMs: Units 2015-2020
Table 3 Value Lost to Fraud 2015-2020
Table 4 Card Expenditure by Location 2020
Table 5 Financial Cards in Circulation by Type: % Number of Cards 2015-2020
Table 6 Domestic versus Foreign Spend 2020

MARKET DATA

Table 7 Financial Cards by Category: Number of Cards in Circulation 2015-2020
Table 8 Financial Cards by Category: Number of Accounts 2015-2020
Table 9 Financial Cards Transactions by Category: Value 2015-2020
Table 10 Financial Cards by Category: Number of Transactions 2015-2020
Table 11 Consumer Payments by Category: Value 2015-2020
Table 12 Consumer Payments by Category: Number of Transactions 2015-2020
Table 13 M-Commerce by Category: Value 2015-2020
Table 14 M-Commerce by Category: % Value Growth 2015-2020
Table 15 Financial Cards: Number of Cards by Issuer 2015-2019
Table 16 Financial Cards: Number of Cards by Operator 2015-2019
Table 17 Financial Cards: Card Payment Transactions Value by Operator 2015-2019
Table 18 Financial Cards: Card Payment Transactions Value by Issuer 2015-2019
Table 19 Forecast Financial Cards by Category: Number of Cards in Circulation 2020-2025
Table 20 Forecast Financial Cards by Category: Number of Accounts 2020-2025
Table 21 Forecast Financial Cards Transactions by Category: Value 2020-2025
Table 22 Forecast Financial Cards by Category: Number of Transactions 2020-2025
Table 23 Forecast Consumer Payments by Category: Value 2020-2025
Table 24 Forecast Consumer Payments by Category: Number of Transactions 2020-2025
Table 25 Forecast M-Commerce by Category: Value 2020-2025
Table 26 Forecast M-Commerce by Category: % Value Growth 2020-2025

DISCLAIMER

GLOBAL MACROECONOMIC ENVIRONMENT

GLOBAL INDUSTRY ENVIRONMENT

SOURCES

Summary 1 Research Sources

Charge Cards in Peru - Category analysis

2020 IMPACT

Charge cards set to remain a non-existent category of financial cards in Peru

Credit Cards in Peru - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Reluctance to borrow money due to COVID-19 suppresses growth in credit cards

The strong growth seen in e-commerce supports the use of credit cards

The issuing of credit cards widens as part of financial inclusion programmes

RECOVERY AND OPPORTUNITIES

Positive growth expected in credit cards although negative pressures set to remain

More basic credit card offers to be rolled out to attract less affluent consumers

The expansion of contactless cards likely to be crucial to growth in credit cards

CATEGORY DATA

Table 27 Credit Cards: Number of Cards in Circulation 2015-2020
Table 28 Credit Cards Transactions 2015-2020
Table 29 Credit Cards in Circulation: % Growth 2015-2020
Table 30 Credit Cards Transactions: % Growth 2015-2020
Table 31 Commercial Credit Cards: Number of Cards in Circulation 2015-2020
Table 32 Commercial Credit Cards Transactions 2015-2020
Table 33 Commercial Credit Cards in Circulation: % Growth 2015-2020
Table 34 Commercial Credit Cards Transactions: % Growth 2015-2020
Table 35 Personal Credit Cards: Number of Cards in Circulation 2015-2020
Table 36 Personal Credit Cards Transactions 2015-2020
Table 37 Personal Credit Cards in Circulation: % Growth 2015-2020
Table 38 Personal Credit Cards Transactions: % Growth 2015-2020
Table 39 Credit Cards: Number of Cards by Issuer 2015-2019
Table 40 Credit Cards: Number of Cards by Operator 2015-2019
Table 41 Credit Cards Payment Transaction Value by Issuer 2015-2019
Table 42 Credit Cards Payment Transaction Value by Operator 2015-2019
Table 43 Commercial Credit Cards: Number of Cards by Issuer 2015-2019
Table 44 Commercial Credit Cards: Number of Cards by Operator 2015-2019
Table 45 Commercial Credit Cards Payment Transaction Value by Issuer 2015-2019
Table 46 Commercial Credit Cards Payment Transaction Value by Operator 2015-2019
Table 47 Personal Credit Cards: Number of Cards by Issuer 2015-2019
Table 48 Personal Credit Cards: Number of Cards by Operator 2015-2019
Table 49 Personal Credit Cards Payment Transaction Value by Issuer 2015-2019
Table 50 Personal Credit Cards Payment Transaction Value by Operator 2015-2019
Table 51 Forecast Credit Cards: Number of Cards in Circulation 2020-2025
Table 52 Forecast Credit Cards Transactions 2020-2025
Table 53 Forecast Credit Cards in Circulation: % Growth 2020-2025
Table 54 Forecast Credit Cards Transactions: % Growth 2020-2025
Table 55 Forecast Commercial Credit Cards: Number of Cards in Circulation 2020-2025
Table 56 Forecast Commercial Credit Cards Transactions 2020-2025
Table 57 Forecast Commercial Credit Cards in Circulation: % Growth 2020-2025
Table 58 Forecast Commercial Credit Cards Transactions: % Growth 2020-2025
Table 59 Forecast Personal Credit Cards: Number of Cards in Circulation 2020-2025
Table 60 Forecast Personal Credit Cards Transactions 2020-2025
Table 61 Forecast Personal Credit Cards in Circulation: % Growth 2020-2025
Table 62 Forecast Personal Credit Cards Transactions: % Growth 2020-2025

Debit Cards in Peru - Category analysis

KEY DATA FINDINGS

2020 IMPACT

A positive performance recorded in debit cards despite adverse economic situation

Raising of maximum transaction limit for contactless payment boosts debit card use

The leading financial cards operators collaborate to improve card payment access

RECOVERY AND OPPORTUNITIES

Rising debit card usage due to widening acceptance, greater need for convenience

Efforts to completely digitalise Peru’s banking system to boost growth in debit cards

Access to state financial aid to be tied to participation in the financial industry

CATEGORY DATA

Table 63 Debit Cards: Number of Cards in Circulation 2015-2020
Table 64 Debit Cards Transactions 2015-2020
Table 65 Debit Cards in Circulation: % Growth 2015-2020
Table 66 Debit Cards Transactions: % Growth 2015-2020
Table 67 Debit Cards: Number of Cards by Issuer 2015-2019
Table 68 Debit Cards: Number of Cards by Operator 2015-2019
Table 69 Debit Cards Payment Transaction Value by Issuer 2015-2019
Table 70 Debit Cards Payment Transaction Value by Operator 2015-2019
Table 71 Forecast Debit Cards: Number of Cards in Circulation 2020-2025
Table 72 Forecast Debit Cards Transactions 2020-2025
Table 73 Forecast Debit Cards in Circulation: % Growth 2020-2025
Table 74 Forecast Debit Cards Transactions: % Growth 2020-2025

Pre-Paid Cards in Peru - Category analysis

KEY DATA FINDINGS

2020 IMPACT

High demand for general purpose reloadable cards boosts open loop pre-paid cards

The uses of existing open loop pre-paid cards expand in response to COVID-19

Closed loop pre-paid cards declines strongly as the use of public transport plummets

RECOVERY AND OPPORTUNITIES

Positive performance expected to be underpinned by rising demand for convenience

Transportation cards set to recover once the COVID-19 situation recedes

Pre-paid cards set to benefit from general distrust in the financial system

CATEGORY DATA

Table 75 Pre-paid Cards: Number of Cards in Circulation 2015-2020
Table 76 Pre-paid Cards Transactions 2015-2020
Table 77 Pre-paid Cards in Circulation: % Growth 2015-2020
Table 78 Pre-paid Cards Transactions: % Growth 2015-2020
Table 79 Closed Loop Pre-paid Cards Transactions 2015-2020
Table 80 Closed Loop Pre-paid Cards Transactions: % Growth 2015-2020
Table 81 Open Loop Pre-paid Cards Transactions 2015-2020
Table 82 Open Loop Pre-paid Cards Transactions: % Growth 2015-2020
Table 83 Pre-paid Cards: Number of Cards by Issuer 2015-2019
Table 84 Pre-paid Cards: Number of Cards by Operator 2015-2019
Table 85 Pre-paid Cards Transaction Value by Issuer 2015-2019
Table 86 Pre-paid Cards Transaction Value by Operator 2015-2019
Table 87 Closed Loop Pre-paid Cards: Number of Cards by Issuer 2015-2019
Table 88 Closed Loop Pre-paid Cards: Number of Cards by Operator 2015-2019
Table 89 Closed Loop Pre-paid Cards Transaction Value by Issuer 2015-2019
Table 90 Closed Loop Pre-paid Cards Transaction Value by Operator 2015-2019
Table 91 Open Loop Pre-paid Cards: Number of Cards by Issuer 2015-2019
Table 92 Open Loop Pre-paid Cards: Number of Cards by Operator 2015-2019
Table 93 Open Loop Pre-paid Cards Transaction Value by Issuer 2015-2019
Table 94 Open Loop Pre-paid Cards Transaction Value by Operator 2015-2019
Table 95 Forecast Pre-paid Cards: Number of Cards in Circulation 2020-2025
Table 96 Forecast Pre-paid Cards Transactions 2020-2025
Table 97 Forecast Pre-paid Cards in Circulation: % Growth 2020-2025
Table 98 Forecast Pre-paid Cards Transactions: % Growth 2020-2025
Table 99 Forecast Closed Loop Pre-paid Cards Transactions 2020-2025
Table 100 Forecast Closed Loop Pre-paid Cards Transactions: % Growth 2020-2025
Table 101 Forecast Open Loop Pre-paid Cards Transactions 2020-2025
Table 102 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2020-2025

Store Cards in Peru - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Store cards continues to struggle as the COVID-19 pandemic discourages spending

Store cards continues to decline as co-branded credit cards come to the fore

The importance of loyalty schemes as a key store card benefit diminishes

RECOVERY AND OPPORTUNITIES

Further declines lie ahead for store cards as demand continues to wane

Emergence of general purpose reloadable cards to place pressure on store cards

Greater transparency from issuers required if store cards are to remain relevant

CATEGORY DATA

Table 103 Store Cards: Number of Cards in Circulation 2015-2020
Table 104 Store Cards Transactions 2015-2020
Table 105 Store Cards in Circulation: % Growth 2015-2020
Table 106 Store Cards Transactions: % Growth 2015-2020
Table 107 Store Cards: Number of Cards by Issuer 2015-2019
Table 108 Store Cards: Payment Transaction Value by Issuer 2015-2019
Table 109 Forecast Store Cards: Number of Cards in Circulation 2020-2025
Table 110 Forecast Store Cards Transactions 2020-2025
Table 111 Forecast Store Cards in Circulation: % Growth 2020-2025
Table 112 Forecast Store Cards Transactions: % Growth 2020-2025

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Megatrends

Country Report

Financial Cards and Payments in Peru

New Report Guarantee

Executive Summary

New Report Guarantee

COVID-19 impact on consumer payments

COVID-19 country impact

Government financial aid schemes highlight issues caused by low financial inclusion

Credit cards fails to capitalise on shift away from cash as many remain sceptical

The COVID-19 situation leads to innovation being seen in banking services

What next for consumer payments?

Overview

Why buy this report?

Samples (FAQs about samples):

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Table of Contents

Financial Cards and Payments in Peru - Industry Overview

EXECUTIVE SUMMARY

COVID-19 impact on consumer payments

COVID-19 country impact

Government financial aid schemes highlight issues caused by low financial inclusion

Credit cards fails to capitalise on shift away from cash as many remain sceptical

The COVID-19 situation leads to innovation being seen in banking services

What next for consumer payments?

MARKET INDICATORS

MARKET DATA

DISCLAIMER

GLOBAL MACROECONOMIC ENVIRONMENT

GLOBAL INDUSTRY ENVIRONMENT

SOURCES

Charge Cards in Peru - Category analysis

2020 IMPACT

Charge cards set to remain a non-existent category of financial cards in Peru

Credit Cards in Peru - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Reluctance to borrow money due to COVID-19 suppresses growth in credit cards

The strong growth seen in e-commerce supports the use of credit cards

The issuing of credit cards widens as part of financial inclusion programmes

RECOVERY AND OPPORTUNITIES

Positive growth expected in credit cards although negative pressures set to remain

More basic credit card offers to be rolled out to attract less affluent consumers

The expansion of contactless cards likely to be crucial to growth in credit cards

CATEGORY DATA

Debit Cards in Peru - Category analysis

KEY DATA FINDINGS

2020 IMPACT

A positive performance recorded in debit cards despite adverse economic situation

Raising of maximum transaction limit for contactless payment boosts debit card use

The leading financial cards operators collaborate to improve card payment access

RECOVERY AND OPPORTUNITIES

Rising debit card usage due to widening acceptance, greater need for convenience

Efforts to completely digitalise Peru’s banking system to boost growth in debit cards

Access to state financial aid to be tied to participation in the financial industry

CATEGORY DATA

Pre-Paid Cards in Peru - Category analysis

KEY DATA FINDINGS

2020 IMPACT

High demand for general purpose reloadable cards boosts open loop pre-paid cards

The uses of existing open loop pre-paid cards expand in response to COVID-19

Closed loop pre-paid cards declines strongly as the use of public transport plummets

RECOVERY AND OPPORTUNITIES

Positive performance expected to be underpinned by rising demand for convenience

Transportation cards set to recover once the COVID-19 situation recedes

Pre-paid cards set to benefit from general distrust in the financial system

CATEGORY DATA

Store Cards in Peru - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Store cards continues to struggle as the COVID-19 pandemic discourages spending

Store cards continues to decline as co-branded credit cards come to the fore

The importance of loyalty schemes as a key store card benefit diminishes

RECOVERY AND OPPORTUNITIES

Further declines lie ahead for store cards as demand continues to wane

Emergence of general purpose reloadable cards to place pressure on store cards

Greater transparency from issuers required if store cards are to remain relevant

CATEGORY DATA

Why buy this report?

Want to find out more about this report?