Credit Card Market in Peru - Top 5 issuers ranking 2023.03 - Credit Outstandings (NS$ and USD)
Credit Card Market in Peru - Top 5 issuers ranking 2023.03 - Active credit cards
In March 2023, there was an evolution in the market share of the main card issuers in Peru in terms of transaction volume. Banco de Crédito del Perú (BCP) led the market with a 28.5% market share, followed by BBVA with an 18.6% share and Interbank with a 14.7% share.
Regarding the number of active cards, Banco Falabella ranked first with a 16.8% market share, followed by Interbank with a 15.1% share and BCP with a 14.8% share. This change in market share suggests greater competition between card issuers in the country, with more diverse players and increased options for consumers to choose from. Overall, this is a positive signal for the Peruvian credit card market, as it suggests greater dynamism and competition that can translate into better offers and benefits for consumers.
Market size and statistics
The credit card market in Peru has experienced significant growth over the past year, with an 11% increase in the number of active cards compared to 2021. This means that there are currently 8.8 million active cards in the country, indicating a growing interest from consumers in using this payment method.
Credit card outstanding receivables 2020-2023 (NS$ and USD, in USD mill.)
In addition to the increase in the number of active cards, there has also been a significant increase in the number of credit card transactions in the country. In 2022, 284 million transactions were made, a 41% increase from the previous year, indicating greater confidence in the use of this payment method and an increase in consumers' purchasing power.
In terms of purchase volume, credit cards have also played a significant role in the Peruvian market. In 2022, purchases totaling USD 19.457 billion were recorded, a 33% increase from 2021. This increase in purchase volume can be attributed in part to the increase in the number of active cards and transactions made.
Active Credit Cards 2020-2023 (Banks, Financial Companies and Cajas) (millions)
Another interesting data point reflecting the growing use of credit cards in Peru is the increase in the number of purchases made per card. Over the past year, an average of 32.3 purchases were made per card, a 26% increase from 2021. This increase in the number of purchases suggests that Peruvian consumers are using their credit cards more and more for daily purchases and not just for higher value purchases.
In conclusion, the credit card market in Peru is experiencing strong growth, with an increase in the number of active cards, transactions, purchase volume, and number of purchases per card. This growth suggests that Peruvian consumers are increasingly relying on credit cards as a payment method and are using these cards for a variety of daily purchases.