Peru Payments Landscape Market 2019 – Competition Landscape And Growth Opportunity, Industry Status And Forecast 2025

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ResearchMoz incorporate new survey report “Payments Landscape in Peru: Opportunities and Risks to 2023” to its immense accumulation of research reports.

GlobalDatas ‘Payments Landscape in Peru: Opportunities and Risks to 2023′ report provides detailed analysis of market trends in the Peruvian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards, credit transfers, direct debits, and cheques during the review-period (2015-19e).

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GlobalDatas ‘Payments Landscape in Peru: Opportunities and Risks to 2023’ report provides top-level market analysis, information and insights into the Peruvian cards and payments industry, including –
– Current and forecast values for each market in the Peruvian cards and payments industry, including debit and credit cards.
– Detailed insights into payment instruments including cards, credit transfers, direct debits, and cheques. It also, includes an overview of the country’s key alternative payment instruments.
– Analysis of various market drivers and regulations governing the Peruvian cards and payments industry.
– Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.

Scope

– To offer faster and secure payments, Cmara de Compensacin Electrnica (CEE) introduced an instant payment service in July 2016. Using the service, transfers of up to PEN30,000 ($8,875.48) in domestic currency and $10,000 in foreign currency can be made within a maximum of 30 seconds. During 2018 over 2.6 million transactions were processed via this system, up from 1.2 million in 2017 – representing year-on-year growth of 114%. In terms of transaction value, immediate payments accounted for PEN5.7bn ($1.7bn) in 2018, growth of 94% from 2017. In Peru, BCP, BBVA Continental (subsidiary of BBVA), Banco Interamericano de Finanzas (BanBif), Bank GNB, Bank Pichincha, Bank of Commerce, Bank of the Nation, Caja Arequipa, Caja Piura, Caja Sullana, Caja Trujillo, Citibank, CrediScotia, Interbank, Mibanco, and Scotiabank offer immediate payments.

– Contactless payments are gaining prominence in the country, with major banks including BBVA Continental, BCP, Scotiabank, and Interbank offering cards embedded with contactless functionality. In addition, contactless payments are gradually being implemented within the countrys transport system to promote their usage. In October 2018, VisaNet Peru enabled Visa debit and credit card holders to make contactless payments for buses in Peru. The service was initially offered on 20 buses operated by bus company El Rpido. Most recently, in April 2019 Prepaid Peruvian Cards and VisaNet introduced a Visa prepaid card with contactless functionality for bus ticket payments on the El Rpido line in Peru.

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– To improve financial literacy among Peruvian individuals, as part of the 2018 Finances in my school initiative the Ministry of Education, the Center for Financial Education, the Peruvian Association of Insurance Companies, Superintendencia de Banca y Seguros del Per (SBS), and the German Foundation of Savings Banks for International Cooperation educated 125 teachers and 13,000 students from 30 educational institutions in the Piura region of Peru. The initiative was designed to help students understand risk management concepts and utilize them in their day-to-day lives. Similarly, BBVA Continental launched financial education workshops in August 2018 focused on small businesses, personal finance, and home ownership. The program aimed to help individuals improve their financial capabilities and achieve financial security.

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