Uruguay Cards and Payments – Opportunities and Risks to 2027
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Uruguay Cards and Payments Market Overview
The Uruguay cards and payments market size was $18.6 billion in 2023. The market will register a CAGR of more than 13% during 2023-2027. The government’s financial inclusion initiatives have allowed the Uruguayans to gradually adopt electronic payment methods over 2019-2023.
Uruguay Cards and Payments Market Outlook, 2023-2027 ($ Billion)
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The Uruguay cards and payments market research provides a detailed analysis of market trends influencing the industry. It provides transaction values and volumes for several payment instruments for the review period. In addition, the Uruguay cards and payments market analysis offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report also entails regulatory policy details and provides extensive coverage of any recent changes in the regulatory structure.
Market Size (2023) | $18.6 billion |
CAGR (2023-2027) | >13% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Payment Instruments | · Cards
· Credit Transfers · Direct Debits · Checks |
Key Segments | · Card-Based Payments
· E-commerce Payments · Alternative Payments |
Leading Players | · Tuapp
· PayPal · Paganza · Mercado Pago |
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Uruguay Cards and Payments Market Dynamics
Companies are launching or expanding their online platforms to capitalize on Uruguay’s growing e-commerce market. In August 2022, Swedish clothing brand H&M launched its online store in Uruguay. Meanwhile, to enhance the customer experience, online retailers are offering fast delivery options to customers.
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Uruguay Cards and Payments Market Segmentation by Payment Instruments
In 2023, cards were the preferred non-cash payment method by transaction volume
The key payment instruments in the Uruguay cards and payments market are cards, credit transfers, direct debits, and checks. Government initiatives promoting financial inclusion, such as lowering VAT on card purchases, capping interchange fees, increasing consumer awareness, and banks offering low-cost bank accounts have increased payment card adoption. The rising adoption of contactless payments and the expansion of e-commerce will support growth going forward.
Uruguay Cards and Payments Market Analysis by Payment Instruments, 2023 (%)
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Uruguay Cards and Payments Market Segments
In 2023, debit card was the preferred card type for payments in Uruguay
The key segments in the Uruguay cards and payments market are card-based payments, e-commerce payments, and alternative payments.
Card-based Payments: The Uruguayan payment card market has recorded significant growth both in terms of card payment volume and value over 2019-2023e. The government’s financial inclusion initiatives have led to an increase in banking penetration, leading to a rise in the adoption of cards. Debit cards and credit cards are the two payment cards used in Uruguay. Debit cards have a lower penetration in the market compared to credit cards.
Payment Cards Analysis by Segments, 2023 (%)
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Uruguay Cards and Payments Market - Competitive Landscape
A few of the leading players in the Uruguay cards and payments market are:
- Tuapp
- PayPal
- Paganza
- Mercado Pago
Tuapp: It is a mobile wallet offered by Antel. The solution enables users to make payments for taxis, bills, shopping, parking, and mobile recharges using their phone. To use the service, individuals must create an account and add payment methods such as online banking or payment cards.
Uruguay Cards and Payments Market Analysis by Players, 2023
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Segments Covered in the Report
Uruguay Cards and Payments Instruments Outlook (Value, $ Billion, 2018-2027)
- Cards
- Credit Transfers
- Direct Debits
- Checks
Uruguay Cards and Payments Market Segments Outlook (Value, $ Billion, 2018-2027)
- Card-Based Payments
- E-commerce Payments
- Alternative Payments
Scope
This report provides:
- Top-level market analysis, information, and insights into Uruguay’s cards and payments industry
- Current and forecast values for each market in Uruguay’s 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.
- E-commerce market analysis.
- Analysis of various market drivers and regulations governing the Uruguay’s cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- The competitive landscape of Uruguay’s cards and payments industry.
Reasons to Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the Uruguay’s cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in Uruguay’s cards and payments industry.
- Assess the competitive dynamics in Uruguay’s cards and payments industry.
- Gain insights into marketing strategies used for various card types in Uruguay.
- Gain insights into key regulations governing Uruguay’s cards and payments industry.
Banco Republica
BBVA
Itau Unibanco
Mastercard
OCA
Santander
Scotiabank
Visa
Table of Contents
Frequently asked questions
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What was the Uruguay cards and payments market size in 2023?
The cards and payments market size in Uruguay was valued at $18.6 billion in 2023.
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What is the Uruguay cards and payments market growth rate?
The cards and payments market in Uruguay is expected to achieve a CAGR of more than 13% during 2023-2027.
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Which is the leading payment instrument in the Uruguay cards and payments market in 2023?
Cards is the leading payment instrument in terms of volume transactions in the Uruguay cards and payments market.
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Who are the leading players in the Uruguay cards and payments market?
Some of the leading players in the Uruguay cards and payments market are Banco Central del Uruguay, Banco Republica, BBVA, Itau Unibanco, Mastercard, OCA, Santander, Scotiabank, and Visa.
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