The credit and debit card market in Bolivia has shown significant growth in both the number of cards in circulation and the volume of transactions. As of June 2024, the country has seen a substantial increase in the number of debit cards, which have reached 7.15 million, reflecting a 165% growth over the past decade. In 2014, there were only 2.7 million debit cards in the market, but this number has surged by 4.45 million in just ten years. On the other hand, credit cards are less prevalent, with only 0.19 million cards. Despite this lower figure, the total number of banking system clients in Bolivia stands at 15.6 million, highlighting a significant portion of the population that is actively engaged with banking services.
Debit Card transactions volume 2011-2024 - YoY%
Debit Card transactions value BOP$ 2011-2024 - YoY%
The competitive landscape for debit and credit cards in Bolivia is dynamic, with several banks vying for market share. Among the top performers in terms of market share growth in debit card commissions, Banco BISA S.A. leads the pack, gaining 5.75 percentage points in market share over the past year. Following closely is Banco Unión S.A., with an increase of 4.48 percentage points, and Banco Ganadero S.A., which has expanded its market share by 3.96 percentage points. Banco Solidario S.A. and Banco Fortaleza have also seen gains, though more modest, with increases of 0.39 and 0.18 percentage points, respectively.
Debit Cards commissions market share growth ranking
In terms of overall market share by debit card commissions, Banco Unión S.A. stands out as the dominant player, holding 37.3% of the market for debit card commissions. This is more than double the share of its nearest competitor, Banco Mercantil Santa Cruz S.A., which controls 14.3% of the market. Banco Ganadero S.A. comes in third with 12.4% market share. Together, these three banks account for a substantial 64% of the market, underscoring their significant influence in the industry.
Debit and Credit card POS business evolution en Bolivia
The evolution of the card business in Bolivia is also reflected in the number of transactions conducted through point-of-sale (POS) systems. By the middle of 2024, there were 50.4 million transactions recorded, with a total transaction volume of BOP$ 12.068 million. This represents an 11.7% year-on-year increase in the number of POS transactions and a 22% rise in transaction volume, indicating a growing reliance on card-based payments among Bolivians.
Debit Cards in Bolivia 2012-2024 - Number of active customers - YoY%
Credit Cards receivables in Bolivia 2019-2024 - BO$, millions
Credit Cards receivables in Bolivia 2019-2024 - YoY%
Overall, the Bolivian market for debit cards is experiencing robust growth, driven by increasing adoption of banking services, technological advancements in payment systems, and aggressive competition among leading financial institutions. As the market continues to evolve, the top banks are likely to consolidate their positions, while others may seek to innovate and capture a greater share of the expanding market.
