The Cards and Payments Industry in Venezuela: Emerging Trends and Opportunities to 2020

The Cards and Payments Industry in Venezuela: Emerging Trends and Opportunities to 2020


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Executive Summary

The Cards and Payments Industry in Venezuela: Emerging Trends and Opportunities to 2020

Summary

GlobalData's '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).

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 GlobalData's 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 bank's 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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Table of Contents

1. EXECUTIVE SUMMARY 2

1.1. Market overview 2

1.2. Key facts 3

1.3. Top five industry events 4

2. PAYMENT INSTRUMENTS 10

2.1. Current payment environment 10

3. E-COMMERCE AND ALTERNATIVE PAYMENTS 12

3.1. E-commerce market analysis 12

4. REGULATIONS IN THE CARDS AND PAYMENTS INDUSTRY 14

4.1. Regulatory framework 14

4.2. Anti-money laundering and counter terrorism financing (AML/CTF) 14

4.3. Foreign direct investment (FDI) regulations 15

5. ANALYSIS OF CARDS AND PAYMENTS INDUSTRY DRIVERS 16

6. PAYMENT CARDS 18

7. DEBIT CARDS 20

7.1. Debit cards market analysis 20

7.2. Competition in the debit cards market 22

7.3. Debit cards comparison 23

8. PAY LATER CARDS 24

8.1. Pay later cards market analysis 24

8.2. Competition in the pay later cards market 26

8.3. Pay later cards comparison 28

9. PREPAID CARDS 29

10. APPENDIX 30

10.1. Abbreviations 30

10.2. Supplementary data 31

10.3. Definitions 40

10.4. Common payment card features 41

10.5. Methodology 42

10.6. Bibliography 44

10.7. Further reading 44

List of Tables

Table 1: Venezuela, Key Facts, 2016 3

Table 2: Venezuela, Regional Benchmarking of Payment Cards, 2016 3

Table 3: Venezuela, Mode of Entry of Foreign Banks 15

Table 4: Venezuela, Debit Cards Comparison and Key Features, 2017 23

Table 5: Venezuela, Gold Credit Cards Comparison and Key Features, 2017 28

Table 6: Venezuela, Premium Credit Cards Comparison and Key Features, 2017 28

Table 7: Venezuela, Payment Instrument Transaction Values (VEF Billion), 2012-2016 31

Table 8: Venezuela, Payment Instrument Transaction Values (US$ Billion), 2012-2016 31

Table 9: Venezuela, Payment Instrument Transaction Volumes (Million), 2012-2016 31

Table 10: Venezuela, Payment Cards in Circulation by Type (Million), 2012-2020 32

Table 11: Venezuela, Volume of Payment Card Transactions (Million), 2012-2020 32

Table 12: Venezuela, Value of Payment Card Transactions (VEF Billion), 2012-2020 32

Table 13: Venezuela, Value of Payment Card Transactions (US$ Billion), 2012-2020 32

Table 14: Venezuela, Debit Cards in Circulation (Million), 2012-2020 33

Table 15: Venezuela, Debit Card Transaction Volumes, 2012-2020 33

Table 16: Venezuela, Debit Card Transaction Values (VEF), 2012-2020 33

Table 17: Venezuela, Debit Card Transaction Values (US$), 2012-2020 34

Table 18: Venezuela, Debit Cards in Circulation by Scheme (Million), 2012-2016 34

Table 19: Venezuela, Debit Card Transaction Values by Scheme (VEF Billion), 2012-2016 34

Table 20: Venezuela, Debit Card Transaction Values by Scheme (US$ Billion), 2012-2016 34

Table 21: Venezuela, Debit Card Transaction Values by Issuer (VEF Billion), 2012-2016 35

Table 22: Venezuela, Debit Card Transaction Values by Issuer (US$ Billion), 2012-2016 35

Table 23: Venezuela, Pay Later Cards in Circulation (Million), 2012-2020 35

Table 24: Venezuela, Pay Later Card Transaction Volumes, 2012-2020 36

Table 25: Venezuela, Pay Later Card Transaction Values (VEF), 2012-2020 36

Table 26: Venezuela, Pay Later Card Transaction Values (US$), 2012-2020 36

Table 27: Venezuela, Pay Later Cards in Circulation by Scheme (Thousand), 2012-2016 37

Table 28: Venezuela, Pay Later Card Transaction Values by Scheme (VEF Billion), 2012-2016 37

Table 29: Venezuela, Pay Later Card Transaction Values by Scheme (US$ Billion), 2012-2016 37

Table 30: Venezuela, Pay Later Card Transaction Values by Issuer (VEF Billion), 2012-2016 38

Table 31: Venezuela, Pay Later Card Transaction Values by Issuer (US$ Billion), 2012-2016 38

Table 32: Venezuela, Prepaid Cards in Circulation (Million), 2012-2020 39

Table 33: Venezuela, Prepaid Card Transaction Values (VEF Billion), 2012-2020 39

Table 34: Venezuela, Prepaid Card Transaction Values (US$ Billion), 2012-2020 39

Table 35: Definitions of Commonly Used Terms 40

Table 36: Common Features of Payment Cards 41

List of Figures

Figure 1: Venezuela, Payment Instrument Shares by Transaction Value (%), 2012 vs 2016 10

Figure 2: Venezuela, Payment Instrument Shares by Transaction Volume (%), 2012 vs 2016 11

Figure 3: Venezuela, E-Commerce Value 12

Figure 4: Venezuela, Population and Economic Indicator 16

Figure 5: Venezuela, ATMs, POS Terminals and Household Consumption 17

Figure 6: Venezuela, Payment Cards Transaction Value and Cards in Circulation, 2012-2020 18

Figure 7: Venezuela, Debit Card Penetration and Turnover Per Card 20

Figure 8: Venezuela, Debit Cards Scheme and Issuer Transaction Value Share, 2016 22

Figure 9: Venezuela, Pay Later Card Penetration and Turnover Per Card 24

Figure 10: Venezuela, Pay Later Cards Scheme and Issuer Transaction Value Share, 2016 26

Figure 11: Venezuela, Prepaid Cards in Circulation and Transaction Value, 2012-2020 29

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Banco de Venezuela, Banesco Banco Universal, Bancaribe, Banco Nacional de Credito , Mercantil Banco Universal , BBVA Provincial, Banco Fondo Comun, Banco Occidental de Descuento, Visa, Mastercard

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