POS credit card terminals in Venezuela
As of September 2023, the latest Point of Sale (POS) and merchant acquiring landscape data in Venezuela indicates a positive trend in the number of POS terminals and affiliated businesses, shedding light on the growing reliance on electronic transactions.
In the third quarter of 2023, the total number of POS terminals for credit cards reached 835189, marking a 1.63% increase from the previous quarter. Similarly, the associated businesses accepting credit card payments also experienced a 2.13% growth, totaling 607441. This upward trajectory suggests an expanding market for credit card transactions, indicating increased consumer confidence in cashless payment methods.
The scenario for debit card transactions is equally promising, with a 1.65% rise in the number of POS terminals, reaching 858185. Affiliated businesses accepting debit card payments also increased by 2.09%, reaching a total of 627020. This surge in debit card transactions reflects a parallel trend towards diversification in payment preferences, showcasing the adaptability of businesses and consumers alike.
Furthermore, the data reveals a concurrent uptick in the number of ATMs across the country, reaching 4542 in the third quarter of 2023. This growth in ATM availability underscores the ongoing efforts to enhance financial accessibility and convenience for the Venezuelan population.
A noteworthy aspect of the market dynamics is the ranking of acquirers based on their year-over-year growth in market share. In the realm of POS terminals for credit cards, institutions such as BANESCO, BANCAMIGA, and EXTERIOR have exhibited substantial growth, with market share increases of 0.51%, 0.44%, and 0.32%, respectively. This data suggests a competitive landscape where financial institutions are actively vying for a larger share of the market, fostering innovation and customer-centric solutions.
In conclusion, the POS and merchant acquiring sector in Venezuela is witnessing positive momentum, as reflected in the growth of both credit and debit card transactions. The increasing number of affiliated businesses and the strategic initiatives of key players contribute to a dynamic financial ecosystem.
