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Peru Cards and Payments - Opportunities and Risks to 2025

Peru Cards and Payments - Opportunities and Risks to 2025

  • October 2021
  • 60 pages
  • ID: 5967927
  • Format: PDF
  • GlobalData


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Peru Cards and Payments - Opportunities and Risks to 2025

’Peru Cards and Payments - Opportunities and Risks to 2025’ report provides detailed analysis of market trends in the Peru’s cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, credit transfers, cheques, and direct debits during the review-period (2017-21e).

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 (2021e-25f). It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.

The report brings together 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.

’Peru Cards and Payments - Opportunities and Risks to 2025’ report provides top-level market analysis, information and insights into the Peru’s cards and payments industry, including -
- Current and forecast values for each market in the Peru’s cards and payments industry, including debit and credit cards.
- Detailed insights into payment instruments including cash cards, credit transfers, cheques, and direct debits. It also, includes an overview of the country’s key alternative payment instruments.
- Ecommerce market analysis .
- Analysis of various market drivers and regulations governing the Peru’s cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, and credit cards.

- Major merchant acquirers in Peru were following a single-brand acquisition model until 2019, with VisaNet, Procesos de Medios de Pago (PMP), Expressnet, and Diners Club offering exclusive acquiring agreements for Visa, Mastercard, American Express, and Diners Club respectively. However, the market has now shifted to a multi-brand acquisition model. Following an agreement with Mastercard in December 2019, VisaNet enabled Mastercard acceptance across its network starting from January 15, 2020. In February 2020, VisaNet was rebranded as Niubiz, and the company gradually enabled the acceptance of American Express, Diners Club, and Discover cards on its network. Meanwhile, in January 2020, PMP enabled the acceptance of Visa cards on its network and migrated its operations to its payments subsidiary Izipay. In addition to Visa and Mastercard, Izipay also supports American Express and Diners Club cards. The multi-brand acquisition model has reduced acceptance costs and promoted POS adoption among smaller merchants, which in turn has supported payment card market growth.
- Contactless payments are gaining prominence in the country, with major banks including BBVA, BCP, and Interbank now offering contactless cards. According to Visa, as of June 2021, 47% of its transactions in Peru are contactless. 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 were installed on buses to accept contactless payments. In July 2020, Mall Aventura started implementing contactless payments among its retailers. Meanwhile, the ongoing COVID-19 pandemic has further boosted contactless payments for low-value, day-to-day transactions as consumers refrain from using cash in order to help contain the spread of the virus.
- 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 Perú (the country’s central bank) introduced the Regulation of the Payment Service with Quick Response Codes. This 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.

Reasons to Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the Peru’s cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Peru’s cards and payments industry.
- Assess the competitive dynamics in the Peru’s cards and payments industry.
- Gain insights into marketing strategies used for various card types in Peru.
- Gain insights into key regulations governing the Peru’s cards and payments industry.

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