Venezuela Cards and Payments – Opportunities and Risks to 2026

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Venezuela Cards and Payments Market Report Overview

The Venezuela cards and payments market size was valued at VEF231.9 billion in 2022 and is expected to achieve a CAGR of more than 257% during 2022-2026. The Venezuelan government has been adopting digital payment systems to address problems with cash issuance and preventing consumers from handling large volumes of cash for purchases . Also, amid hyperinflation, cryptocurrency has emerged as one of the measures to handle local currency shortages. Furthermore, the pandemic and resulting lockdowns have prompted Venezuelan merchants to switch to digital channels. According to the Venezuelan Chamber of Electronic Commerce, the e-commerce market registered over 2,000% growth in 2021.

The Venezuela cards and payments market research report provides a detailed analysis of market trends in the Venezuela cards and payments industry. The report provides values and volumes for several key performance indicators in the industry, including cash, credit transfer, cards, mobile wallets, cheques, and direct debits during the review period. It 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. Moreover, it offers information on the country’s competitive landscape, including market shares of issuers and schemes.

Venezuela Cards and Payments Market Outlook 2022-2026 (VEF Billion)

Venezuela Cards and Payments Market Outlook 2022-2026 (VEF Billion)

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Venezuela Cards and Payments Market Dynamics

Factors such as the COVID-19 pandemic, persistent high inflation, and dwindling oil exports have impacted the country’s GDP growth.

Increasing commodity prices, the decreasing value of the local currency, and a shortage of cash have made it difficult to conduct cash transactions for Venezuelan consumers. As a result, consumers have been forced to shift to card payments.

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Venezuela Cards and Payments Market Segmentation by Payment Instruments

The key payment instruments in the Venezuela cards and payments market are cards, cheques, credit transfers, and direct debits. Cards are the dominant non-cash method of payment among Venezuelans. Amid increasing inflation, a depreciating local currency, and a cash crunch, the government has urged banks to promote electronic payments. Venezuela’s cash shortages and hyperinflation are anticipated to further drive the use of payment cards over the projected period.

Venezuela Cards and Payments Market Analysis by Payment Instruments, 2022 (%)

Venezuela Cards and Payments Market Analysis by Payment Instruments, 2022 (%)

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Venezuela Cards and Payments Market Segments

The key segments in the Venezuela cards and payments market are card-based payments, and alternative payments. The key card-based payments are payment cards, debit cards, credit cards, and prepaid cards. Additionally, many international and domestic alternative payment solutions are available in Venezuela such as tPago, Dinero Rápido, PagoClave, and PayPal.

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Venezuela Cards and Payments Market - Competitive Landscape

Some of the leading card issuers in the Venezuela cards and payments market are BBVA, Banesco Banco Universal, Mercantil Banco Universal, Banco de Venezuela, Bancaribe, Banco Exterior, Banco de Venezuela, Citibank, Banco Fondo Comun, Banco Del Tesoro, and Banco Exterior among others.

Venezuela Cards and Payments Market Report Overview

Market Size (2022) VEF231.9 billion
CAGR (2022-2026) >257%
Historical Period 2018-2022
Forecast Period 2022-2026
Key Payment Instruments Cards, Cheques, Credit Transfers, and Direct Debits
Key Card-based Payment Segments Debit Cards and Credit Cards
Leading Players BBVA, Banesco Banco Universal, Mercantil Banco Universal, Banco de Venezuela, Bancaribe, Banco Exterior, Banco de Venezuela, Citibank, Banco Fondo Comun, Banco Del Tesoro, and Banco Exterior

Segments Covered in the Report 

Venezuela Cards and Payments Instruments Outlook (Value, VEF Billion, 2018-2026)

  • Cards
  • Cheques
  • Credit Transfers
  • Direct Debits 

Venezuela Card-based Payments Market Segments Outlook (Value, VEF Billion, 2018-2026)

  • Debit Cards
  • Credit Cards

Scope

This report provides:

  • Current and forecast values for each market in the Venezuela cards and payments industry, including debits and credit cards
  • Detailed insights into payment instruments including cash, cheques, cards, credit transfers, and direct debits. 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 Venezuela 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 the Venezuela cards and payments industry

Reasons to Buy

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

Banesco Banco Universal
Banco de Venezuela
BBVA
Mercantil Banco Universalz
Banco Fondo Comun
Banco Nacional de Credito
Bancaribe

Table of Contents

Table of Contents

Executive Summary

Market Overview

Payment Instruments

Card-Based Payments

Alternative Payments

Payment Innovations

Payment Infrastructure and Regulation

Appendix

Frequently asked questions

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