Credit outstanding receivables in Guatemala
Highest quarterly market share growth ranking
The credit card market in Guatemala measured by the total amount of credit card transaction value, increased by 26.2% from 2021 to 2022, reaching USD 5824 million. The number of active credit cards also rose by 15.4%, reaching almost 2.9 million cards.
The competitive landscape of the credit card market is also changing, as some issuers are gaining more market share than others. According to the data from the SIB, the top five issuers by market share growth, measured by the credit card outstanding receivables, are BAM, BANCO PROMERICA, BANCO INDUSTRIAL, FICOHSA GUATEMALA and BANTRAB. These issuers increased their market share by 0.8%, 0.5%, 0.4%, 0.12% and 0.11%, respectively, from March 2023 to June 2023.
The increase in credit card usage is also reflected in the average purchases by card and the number of transactions with credit cards. The average purchases by card increased by 5% from 2022.Q2 to 2023.Q2 and the number of transactions with credit cards grew by 12%.
The increase in credit card usage is also reflected in the average purchases by card and the number of transactions with credit cards. The average purchases by card increased by 5% from 2022.Q2 to 2023.Q2 and the number of transactions with credit cards grew by 12%.
The growth of the credit card market is expected to continue in the next few years, according to our forecast scenarios. The market size is projected to reach 8000 million USD by 2025, with a compound annual growth rate (CAGR) of 12%. The number of active credit cards is estimated to reach 3.4 million by 2025, with a CAGR of 7.8%.
The credit card market in Guatemala is showing potential, as more consumers are using credit cards for their purchases and payments. However, there are also some challenges and risks that need to be addressed, such as the high interest rates, the low financial literacy and the regulatory environment.
The credit card market in Guatemala is showing potential, as more consumers are using credit cards for their purchases and payments. However, there are also some challenges and risks that need to be addressed, such as the high interest rates, the low financial literacy and the regulatory environment.