Peru Cards and Payments – Opportunities and Risks to 2027
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Peru Cards and Payments Market Overview
The Peru cards and payments market size is $40.3 billion in 2023. The market is expected to achieve a CAGR of more than 10% during 2023-2027. Peru remains a cash-dominated market accounting for around 87% of payment transaction volume in 2023. This is mainly due to the large unbanked population, inadequate banking infrastructure, limited public awareness of electronic payments, and low acceptance of payment cards at merchant outlets. However, the government’s financial inclusion efforts and the growing consumer preference for electronic payments are encouraging card payments in the country.
Peru Cards and Payments Market Outlook, 2023-2027 ($ Billion)
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The Peru Cards and Payments market research report provides a detailed analysis of market trends in the Peruvian cards and payments industry. It provides values and volumes for several key performance indicators in the industry including cards, cash, cards, credit transfers, direct debits, and cheques during the review period. 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. It also offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report covers detailed regulatory policy and recent changes in the regulatory structure.
Market Size (2023) | $40.3 billion |
CAGR (2023-2027) | >10% |
Forecast Period | 2023-2027 |
Historical Period | 2019-2022 |
Key Payment Instruments | · Cash
· Cards · Credit Transfers · Direct Debits · Cheques |
Key Segments | · Card-Based Payments
· E-commerce Payments · Alternative Payments |
Leading Players | · BCP
· BBVA · Interbank · Scotiabank · Mibanco · Banco Falabella · Banco Ripley |
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Peru Cards and Payments Market Dynamics
The emergence of digital-only banks will help boost debit card adoption. For instance, in February 2021 Digital-only RappiBank was launched in Peru. It was developed by Rappi in collaboration with Interbank. Meanwhile, in May 2023, payment company Credicorp launched a digital-only bank iO in Peru. The bank offers products including a digital Visa credit card.
In addition, to capitalizing on the growing opportunity in Peru’s e-commerce space, new players are entering the country. For instance, in February 2023, Nike introduced an e-commerce platform in Peru and in February, domestic retailer PC Factory launched online sales.
Furthermore, contactless payments are increasingly gaining prominence in Peru to drive card usage in the coming years. For instance, in November 2022, toll company LIMA EXPRESA partnered with payment company izipay to launch a toll payment service using contactless debit and credit cards.
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Peru Cards and Payments Market Segmentation by Payment Instruments
The key payment instruments in the Peru cards and payments market are cash, cards, credit transfers, direct debits, and cheques. As of 2023, cash leads the way in terms of transaction volume. Cash is widely used in Peru for low-value, day-to-day transactions – driven by the country’s large unbanked population and low financial awareness. However, the use of cash is gradually declining as consumers shift to electronic methods amid the COVID-19 pandemic.
Peru Cards and Payments Market Analysis by Payment Instruments, 2023 (%)
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Peru Cards and Payments Market Segments
The key segments in the Peru cards and payments market are card-based payments, instant payments, e-commerce payments, and alternative payments.
Card-Based Payments: The payment card market has gained momentum in Peru in recent years. Government and central bank initiatives to provide affordable banking services to unbanked individuals, improve financial awareness, and expand banking infrastructure have driven electronic payments growth. The key categories of the card-based payments segment are debit cards and credit cards.
As of 2023, debit cards are garnering the largest market share supported by a growing banked population, which has been aided by financial inclusion initiatives and the availability of basic bank accounts. Going forward, growing awareness of debit cards, a rising number of electronic payments, and an increased preference for contactless payments will further drive the market.
Payment Card Market Analysis by Segments, 2023 (%)
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Peru Cards and Payments Market - Competitive Landscape
Some of the leading players in the Peru cards and payments market are BCP, BBVA, Interbank, Scotiabank, Mibanco, Banco Falabella, and Banco Ripley.
Peru Cards and Payments Market Analysis by Players, 2023
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Segments Covered in the Report
Peru Cards and Payments Instruments Outlook (Value, $ Billion, 2019-2027)
- Cash
- Cards
- Credit Transfers
- Direct Debits
- Cheques
Peru Cards and Payments Market Segments Outlook (Value, $ Billion, 2019-2027)
- Instant Payments
- Card-Based Payments
- E-commerce Payments
- Alternative Payments
Scope
This report provides:
- Top-level market analysis, information, and insights into the Peruvian cards and payments industry.
- Current and forecast values for each market in the Peruvian cards and payments industry, including debit, credit, and charge cards.
- Detailed insights into payment instruments including cards, cash, credit transfers, direct debits, and cheques. It also includes an overview of the country’s key alternative payment instruments.
- E-commerce market analysis.
- 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, credit, and charge cards.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- The competitive landscape of the Peruvian cards and payments industry.
Reasons to Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the Peruvian cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Peruvian cards and payments industry.
- Assess the competitive dynamics in the Peruvian cards and payments industry.
- Gain insights into marketing strategies used for various card types in Peru.
- Gain insights into key regulations governing the Peruvian cards and payments industry.
Interbank
BCP
Banco Ripley
BBVA
Scotiabank
Banco de Comercio
Banco Pichincha
BanBif
Banco GNB
Citibank
Banco Azteca
Visa
Mastercard
American Express
Diners Club
Table of Contents
Frequently asked questions
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What is the Peru cards and payments market size in 2023?
The cards and payments market size in Peru is valued at $40.3 billion in 2023.
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What is the Peru cards and payments market growth rate?
The cards and payments market in Peru is expected to achieve a CAGR of more than 10% during 2023-2027.
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Which is the leading payment instrument in the Peru cards and payments market in 2023?
Cash is the preferred mode for transactions in the Peru cards and payments market in 2023.
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Who are the leading players in the Peru cards and payments market?
Some of the leading players in the Peru cards and payments market are BCP, BBVA, Interbank, Scotiabank, Mibanco, Banco Falabella, and Banco Ripley.
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