The credit card market in Ecuador is a concentrated market, with the top three credit card issuers holding over 77% of the market share in number of active credit cards. This concentration presents both opportunities and challenges for financial institutions seeking to enter or expand their operations in the market.
The 2022.Q4 data shows a relatively stable market, with the market shares of the top three issuers remaining relatively consistent over time. However, there are still opportunities for issuers to capture market share through innovative products and services that address the needs of Ecuadorian consumers.
The credit card market in Ecuador is dominated by six major players: Diners Club, Banco del Pacifico, Banco Pichincha, Banco de Guayaquil, Produbanco and Banco Bolivariano. Looking at the 2022.Q4 market share for the number of credit cards issued by each company, Banco del Pacifico holds the highest market share with 26%, followed by Diners Club with 22%, Banco Pichincha with 17%, Banco de Guayaquil with 10%, and Banco Bolivariano with 6.5%.
However, when it comes to the number of transactions made with credit cards, Diners Club emerges as the clear leader with a market share of 33%. Banco del Pacifico falls to second place with a market share of 22%, while Banco Pichincha has a market share of 15%, Banco de Guayaquil has a market share of 9%, and Banco Produbanco/Promerica has a market share of 8%. These numbers suggest that while Diners Club issues fewer credit cards than Banco del Pacifico, its cardholders are more active in terms of transactions made with their cards.
Finally, looking at the value of credit card purchases made by each company, Diners Club again comes out on top with a market share of 33.5%. Banco del Pacifico follows with a market share of 23%, Banco Pichincha has a market share of 14%, Banco de Guayaquil has a market share of 11%, and Banco Produbanco/Promerica has a market share of 8%. Diners Club has a more active customer base, while Banco del Pacifico has a larger overall customer base. Meanwhile, in terms of the value of purchases made with credit cards, Diners Club leads the way, followed by Banco del Pacifico and Banco Pichincha.
The 2022 data shows a positive trend in the credit card market in terms of the number of active cards, transactions made, and credit card purchase value in USD, all of which have increased compared to the previous year. The number of active cards has increased by 6.8%, indicating an increase in the number of people using credit cards in the market. Transactions made with credit cards have increased by 13.7%, which suggests that consumers are increasingly relying on credit cards to make purchases. Additionally, the credit card purchase value in USD has increased by 10.9%, which indicates an increase in the amount spent by consumers using credit cards.
Credit Card Market in Ecuador - Market overview and key metrics (ES)