Emerging Trends and Opportunities of Cards and Payments Industry in Venezuela

Latest industry research report on: Cards and Payments Market : Industry Size, Share, Research, Reviews, Analysis, Strategies, Demand, Growth, Segmentation, Parameters, Forecasts

GlobalDatas 'The Cards and Payments Industry in Venezuela: Emerging Trends and Opportunities to 2020' report provides detailed analysis of market trends in the Venezuelan cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including credit transfers, checks, payment cards and direct debits during the review period (2012-2016).

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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 (2016-2020). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.

The report brings together GlobalDatas research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.

The report also provides top-level market analysis, information and insights into the Venezuelan cards and payments industry, including -
- Current and forecast values for each market in the Venezuelan cards and payments industry, including debit and credit cards.
- Detailed insights into payment instruments including credit transfers, checks, payment cards and direct debits.
- E-commerce market analysis.
- Analysis of various market drivers and regulations governing the Venezuelan 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 in the Venezuelan cards and payments industry.

Key Highlights

- To reduce dependence on cash and promote electronic payments, the Venezuelan government imposed a regulation that capped daily cash withdrawals at ATMs in 2016. According to the policy, individuals can only use their own banks ATMs, and carry out a maximum of four transactions daily to withdraw a maximum of US$1,002.5 (VEF10,000).
- Similarly, to enhance use of electronic payments, in December 2016 the government introduced a two percentage-point discount on VAT on products and services purchased using payment cards, bringing the VAT rate down from 12% to 10%. The discount only applies to transactions above US$20,050.6 (VEF200,000).
- Amid the growing financial turmoil and hyperinflation in the country, virtual currency bitcoin is gradually gaining acceptance in Venezuela. According to Venezuelan brokerage website Surbitcoin.com, the number of users increased from 450 in August 2014 to 85,000 in November 2016. To capitalize on its rising popularity, Venezuela-based startup Cryptobuyer partnered with Visa in September 2016 to offer free bitcoin debit cards. Users can send bitcoin payments to friends and family in other countries without the involvement of intermediaries. The card can also be used to make ATM cash withdrawals and payments at POS terminals in Venezuela.

Scope

- This report provides a comprehensive analysis of the Venezuelan cards and payments industry.
- It provides current values for the Venezuelan cards and payments industry for 2016, and forecast figures to 2020.
- It details the different demographic, economic, infrastructural and business drivers affecting the Venezuelan cards and payments industry.
- It outlines the current regulatory framework in the industry.
- It details marketing strategies used by various banks and other institutions.

Reasons to buy

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

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