Credit Card POS terminals in Venezuela
Highest year-on-year market share growth ranking
The market for POS terminals and merchant acquiring in Venezuela has shown a positive trend in the first quarter of 2023, according to our latest market research report. The number of POS terminals for credit and debit cards increased by 7.2% and 9.1% respectively, compared to the same period of 2022. The number of affiliated merchants for credit and debit cards also grew by 15.4% and 17.8% respectively.
The quarterly variation of these indicators was also positive, with a growth of 2% for credit card POS terminals, 2.7% for credit card affiliated merchants, 1.9% for debit card POS terminals, and 2.5% for debit card affiliated merchants. These figures reflect the increasing demand for electronic payment methods in the country, as well as the efforts of the financial sector to expand its coverage and offer more options to consumers and businesses.
However, not all the indicators were in the green. The number of ATMs decreased by 12.4%, from 5,241 in March 2022 to 4,592 in March 2023. This may be due to the high maintenance costs, security risks, and low profitability of these devices, as well as the preference of customers for other alternatives such as mobile banking, online transfers, or QR codes.
The ranking of acquirers with the highest annual growth in their market share in credit card POS terminals shows that BANCO DE VENEZUELA was the leader, with a 9.81% increase, followed by NACIONAL DE CREDITO with 5.75%, BANCAMIGA with 3.35%, BANESCO with 0.39%, and BANCO EXTERIOR with 0.22%.
The quarterly variation of these indicators was also positive, with a growth of 2% for credit card POS terminals, 2.7% for credit card affiliated merchants, 1.9% for debit card POS terminals, and 2.5% for debit card affiliated merchants. These figures reflect the increasing demand for electronic payment methods in the country, as well as the efforts of the financial sector to expand its coverage and offer more options to consumers and businesses.
However, not all the indicators were in the green. The number of ATMs decreased by 12.4%, from 5,241 in March 2022 to 4,592 in March 2023. This may be due to the high maintenance costs, security risks, and low profitability of these devices, as well as the preference of customers for other alternatives such as mobile banking, online transfers, or QR codes.
The ranking of acquirers with the highest annual growth in their market share in credit card POS terminals shows that BANCO DE VENEZUELA was the leader, with a 9.81% increase, followed by NACIONAL DE CREDITO with 5.75%, BANCAMIGA with 3.35%, BANESCO with 0.39%, and BANCO EXTERIOR with 0.22%.
The market for POS terminals and merchant acquiring in Venezuela is expected to continue growing in the following quarters, as the economy recovers from the effects of the pandemic and the hyperinflation. The challenges for the sector include improving the quality and reliability of the service, complying with the regulatory framework and innovating with new technologies and solutions.