Paraguay's credit card market has experienced robust growth in recent years, driven by increasing consumer demand and the expanding financial sector. According to our latest data, the market size reached USD 1,749 million in 2022 and is projected to reach USD 2,640 million by 2025, under the most likely scenario.
Credit Card outstanding receivables, in local currency, MoM%
Credit Card outstanding receivables, in USD, MoM%
The number of active credit cards in Paraguay has also witnessed a positive trend, reflecting the growing popularity of card-based transactions. In 2021, there were 855,824 active credit cards, and this number climbed to 959,333 in 2022, indicating a substantial increase in active cardholders.
One of the key factors contributing to the growth of Paraguay's credit card market is the average number of purchases made by cardholders. In 2021, the average per card stood at USD 48.78, transactions which rose to 52.05 in 2022. This upward trend demonstrates a greater reliance on credit cards for everyday transactions and indicates a shift towards a more cashless economy.
In terms of the number of transactions with credit cards, Paraguay saw a notable increase from 41.75 million in 2021 to 49.93 million in 2022. This surge in transaction volume further illustrates the rising preference for credit card usage among consumers and highlights the expanding role of credit cards in the country's economy.
Top five Credit Card issuers in Paraguay (in number of Credit Cards) - 2023.03 market share and YoY% in market share
Analyzing the market share of the top five credit card issuers in Paraguay as of March 2023, Banco Itaú Paraguay leads the pack with a market share of 34.8% of credit card active customers. Banco Familiar follows with 9.07%, while Banco Continental, Banco GNB Paraguay, and Visión Banco hold market shares of 7.6%, 7.5%, and 7.1% respectively. These issuers play a significant role in shaping the credit card landscape in Paraguay and are likely to continue driving market growth in the coming years.
In conclusion, Paraguay's credit card market is experiencing a period of steady growth, fueled by factors such as increasing market size, rising numbers of active credit cards, and higher transaction volumes. As consumers embrace the convenience and benefits of credit card usage, financial institutions and card issuers are expected to continue innovating and expanding their offerings to cater to evolving consumer needs.