The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
Learn moreEuromonitor addresses your unique questions and challenges across all B2B and B2C industries and geographies through custom, tailor-made research projects, designed to your specific goals.
Learn moreDec 2020
US$2,100Added to Cart
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!
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.
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.
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.
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 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.
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.
Files are delivered directly into your account within a few minutes of purchase.
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.
Delivery: Files are delivered directly into your account within a few minutes of purchase.
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:
Our market research reports answer questions such as:
Why buy this report?
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.
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.