Credit Card outstanding receivables
The credit card market in Honduras is experiencing a notable surge, with the projected market size reaching USD 2,302 million in 2023, a significant leap from the 2022 figure of USD 1,882 million. This growth is anticipated to continue, with a forecasted market size of USD 3,262 million by 2025, representing a promising trajectory for the nation's credit card sector.
In tandem with the market expansion, the number of active credit cards is on the rise. In 2023, it is expected to reach 1,05 million reflecting a substantial increase from the 863.315 active credit cards recorded in 2022. This surge in cardholders is indicative of a growing consumer base embracing the convenience and benefits offered by credit cards.
The average purchases made per card also demonstrate a positive trend. In 2023, the expected average purchase per card is USD 51.2, a slight uptick from the 2022 figure of USD 50.2. This increment points towards increased consumer spending and economic confidence.
The volume of transactions conducted with credit cards is another metric showcasing the positive trend of Honduras' credit card market. In 2023, it is estimated that there will be 53.8 million transactions, a substantial growth from the 43.38 million transactions recorded in 2022. This surge indicates a shift towards a cashless economy, with consumers opting for the convenience and security offered by credit card transactions in POS, eCommerce and eWallets apps.
As we delve into the market dynamics, it is noteworthy to recognize the top five issuers poised for substantial market share growth by September 2023, based on credit card outstanding receivables. Leading the pack is Banco Financiera Comercial Hondureña with an impressive market share growth of 5.8%. Following closely are Banco del País (1.6%), Banco Promérica (0.5%), Banco Davivienda Honduras (0.2%), and Banco de Desarrollo Rural (0.2%). These institutions are strategically positioning themselves to capitalize on the burgeoning credit card market, further contributing to the sector's overall growth.
In conclusion, Honduras' credit card market is witnessing robust expansion, with positive indicators across various key metrics. The increasing market size, growing number of active credit cards, rising average purchases, escalating transaction volumes, and the strategic positioning of top issuers all underscore a dynamic and thriving credit card ecosystem.