The
report provides top-level market analysis, information and insights into
Colombia's cards and payments industry, including:
- Current and forecast values for each category of Colombia's cards and payments industry, including debit cards, credit cards and prepaid cards
- Comprehensive analysis of the industry’s market attractiveness and future growth areas
- Analysis of various market drivers and regulations governing Colombia's cards and payments industry
- Detailed analysis of the marketing strategies adopted for selling debit, credit and prepaid cards used by banks and other institutions in the market
- Comprehensive analysis of consumer attitudes and buying preferences for cards
- The competitive landscape of Colombia's cards and payments industry
In
2013, Colombia surpassed Argentina to become the third-largest economy in Latin
America and was the fourth-highest recipient of foreign direct investment
(FDI), with US$17.0 billion in the same year. Of the total population of 47.2
million, however, the unbanked population accounted for nearly 35% of the adult
population in 2013, according to the Colombian Banking Association. The low banking
penetration levels present banks and card issuers operating with growth
potential. Banks have stepped in to take advantage of this large untapped
market, having introduced a number of cards targeting the unbanked population.
While leading card issuers pushed for growth by offering improved products,
services and marketing campaigns, while the government encouraged electronic
payments through its financial inclusion plan. Consequently, Colombian payment
cards registered healthy growth during the review period (2009–2013), and are
anticipated to continue the same trend over the forecast period (2014–2018).
In
terms of the number of cards in circulation, Colombian payment cards (including
debit and credit cards) registered a positive growth during the review period,
recording a compound annual growth rate (CAGR) of 8.05% and increasing from
22.6 million in 2009 to 30.8 million in 2013. Growth in the industry is
expected to be driven by growth in the retail sector, an increasing demand for
debit and credit cards, a better regulatory framework, an increasing market for
online and mobile commerce and a positive economic outlook.
In
2013, the average transaction value (ATV) in Colombia was US$121, which was the
second-highest in the Latin-American region. Peru recorded the highest ATV with
US$144.3, followed by Chile (US$82.4), Venezuela (US$71.4), Brazil (US$69.6)
and Argentina (US$50).
Similarly,
in terms of card penetration, Colombia recorded 0.7 cards per inhabitant in
2013, while Brazil, Argentina, Chile, Venezuela and Peru recorded 2.6, 1.4,
1.3, 1.1 and 0.6 respectively. In terms of the frequency of use, Colombia
recorded 28.7 transactions per card in the same year, while Venezuela,
Argentina, Chile, Peru and Brazil recorded respective numbers of 61.2, 42.3,
37.6, 30.2 and 23.7.
Colombian
payment cards grew both in terms of transaction value and volume during the
review period. In terms of transaction value, payment cards posted a CAGR of
10.10%, increasing from COP136.9 trillion (US$63.4 billion) in 2009 to COP201.1
trillion (US$105.9 billion) in 2013. It is anticipated that this value will
increase at a CAGR of 3.91% over the forecast period, to reach COP246.3
trillion (US$137 billion) in 2018. In terms of transaction volume, payment
cards increased from 636.2 million in 2009 to 885.2 million in 2013, at a
review-period CAGR of 8.61%. It is expected to reach 1.1 billion transactions
in 2018, growing at a CAGR of 4.10% over the forecast period.
Prepaid
cards are gaining popularity among Colombian consumers. Banks offer a range of
prepaid card variants, such as gift cards, transport cards, food cards, fuel
cards and shopping cards, and do not insist on having an account with them to
issue these cards. Likewise, the majority of the Colombian companies offer
prepaid cards to their employees as part of their salary packages. These cards
are offered to meet food and fuel expenses. BBVA Colombia and Banco Davivienda
offer Visa-branded prepaid cards called ‘Visa Vale’ to their employees. The
growth of the prepaid card market has attracted new entrants. The US-based
Latin American prepaid service provider NovoPayment launched its Colombian
operations in 2009. The company offers three reloadable MasterCard-branded
prepaid corporate cards: the Plata Combustible (money-fuel); the Plata Compras
(money-purchases) cash management card; and the Plata Clásica payroll card for
the unbanked population.
Scope
This
report provides a comprehensive analysis of Colombia's cards and payments
industry.
- It provides current values for Colombia's cards and payments industry for 2013, and forecast figures for 2018.
- It details the different economic, infrastructural and business drivers affecting Colombia's cards and payments industry.
- It outlines the current regulatory framework in the industry.
- It details the marketing strategies used by various banks and other institutions.
- It profiles the major banks in Colombia's cards and payments industry.
Reasons to Buy
- Make strategic business decisions using top-level historic and forecast market data related to Colombia's cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in Colombia's cards and payments industry.
- Assess the competitive dynamics in Colombia's cards and payments industry.
- Gain insights in to the marketing strategies used for selling various card types in Colombia.
- Gain insights into key regulations governing Colombia's cards and payments industry.
Spanning over 85 pages, “Colombia's
Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers,
Strategies, Products and Competitive Landscape” report
covering the Introduction Key Facts and Top Events, Executive Summary, Payment
Instruments, Market Attractiveness and Future Prospects of Cards and Payments,
Analysis of Cards and Payments Industry Drivers, Emerging Consumer Attitudes
and Trends, Payment Cards, Debit Cards, Credit Cards, Commercial Cards,
Regulations in the Cards and Payments Industry, Card Fraud Statistics, Card
Issuers, Card Schemes, Prepaid Cards, Appendix. The report covered companies
are - Bancolombia, Banco Davivienda, BBVA Colombia, Banco de Bogotá, Banco Caja
Social, Banco Colpatria, Citibank, MasterCard, Visa, Diners Club, American
Express
For
more information see - http://mrr.cm/44r
Find
all Banking and Finance Reports at: http://www.marketresearchreports.com/banking-finance
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