The credit card market in Honduras has experienced significant growth in recent years, indicating a positive trend for both consumers and financial institutions. According to the latest data, the market size reached USD 1,773 million in 2022, showing an increase from USD 1,493 million in 2021. Furthermore, the market is expected to continue its upward trajectory, with a projected size of USD 2,300 million by 2025.
Credit Card issuers in Honduras
Highest year-on-year market share growth ranking
Number of active Credit Cards
In terms of market share considering active credit cards, the top five credit card issuers in Honduras dominate the landscape. As of December 2022, BAC Honduras holds the largest market share with 35.1%, followed by BANCO FINANCIERA COMERCIAL HONDUREÑA (FICOHSA) at 21.1%. BANCO ATLANTIDA, BANCO DEL PAIS, and BANCO PROMERICA complete the top five with market shares of 11.4%, 7.7%, and 6.5%, respectively.
In terms of consumer behavior, the average purchases made by cardholders have also seen a steady increase. In 2021, the average purchase per card was USD 44, which rose to USD 47 in 2022. This data signifies that consumers are becoming more comfortable and confident in using credit cards for their daily transactions.
Moreover, the number of transactions conducted with credit cards has experienced a substantial rise. In 2021, there were 34 million credit card transactions, and this figure grew to 40 million in 2022. This upward trend demonstrates a shift towards a more cashless society, where consumers are opting for the convenience and security provided by eWallets and credit cards.
Overall, the credit card market in Honduras is exhibiting growth potential, driven by increasing market size, rising numbers of active credit cards, higher average purchases, and a growing number of transactions. These positive indicators indicate a positive outlook for both consumers and financial institutions in the country. As the market continues to evolve, it will be essential for stakeholders to focus on maintaining a secure and reliable credit card ecosystem, while also fostering innovation to meet the evolving needs of Honduran consumers.