Venezuela’s POS Terminal Market Shows Robust Growth Amid Competitive Shifts in 2024
The point-of-sale (POS) terminal and merchant acquiring market in Venezuela continued to grow in 2024, showing strong performance indicators across both debit and credit card segments. According to the latest available data as of December 2024, the total number of POS terminals for credit card transactions reached 1,008,198, while those for debit card transactions totaled 1,033,607. These figures represent year-over-year increases of 13.4% and 13.2%, respectively, signaling sustained investment in electronic payment infrastructure despite ongoing economic challenges.
The expansion of POS terminals is accompanied by a significant rise in the number of affiliated merchants. By the end of 2024, 721,576 merchants were accepting credit cards, and 743,313 were enabled for debit card payments. These numbers reflect interannual growth rates of 11.9% and 12.6%, respectively, indicating a broader adoption of electronic payments across the retail and service sectors. In parallel, the network of ATMs stood at 4,144 units, providing a necessary complement to the digital payment ecosystem.
Market competition remains intense, with several players actively increasing their share of the POS landscape. The top provider of POS terminals in Venezuela, based on market share, is BANCO DE VENEZUELA holding 26.8% of the total market. It is followed by BANCAMIGA with an 18.1% share and BANESCO at 15.2%. The remaining 39.9% of the market is distributed among other competitors, illustrating a relatively fragmented space beyond the top three.
Among the acquirers showing the most notable gains in credit card POS market share during the year, SOFITASA led the rankings with a 1.69 percentage point increase, followed by BANCAMIGA with a 1.08 point gain. NACIONAL DE CRÉDITO and BICENTENARIO also demonstrated notable growth, increasing their shares by 0.74 and 0.66 points, respectively, while BANCO DEL TESORO recorded a 0.52 point rise. These changes suggest dynamic shifts in the acquiring segment, as smaller and mid-sized banks continue to capture more ground in a competitive market.
Overall, the Venezuelan POS and merchant acquiring market in 2024 reflects a clear trajectory of digital payment adoption, infrastructure expansion, and intensified competition among both leading and emerging financial institutions.