The latest business indicators for the credit card market in Paraguay reveal a dynamic landscape marked by significant growth and evolving consumer behavior. As of the most recent reporting period, the number of active credit cards in circulation has reached 1.2 million, reflecting a robust 10.7% increase compared to the fourth quarter of 2023. This uptick underscores a growing reliance on credit cards among consumers for everyday transactions.
Monthly purchases at Points of Sale (POS) have also experienced a notable rise. The volume of these transactions has grown to 3.1 million per month, which is a 4.6% increase from the first quarter of 2023. This growth indicates a steady adoption of credit cards for in-store purchases, highlighting a shift towards cashless transactions in physical retail environments.
Online purchases are showing an even more pronounced increase, with 688,000 transactions recorded per month. This represents a significant 15% surge compared to the first quarter of 2023. The data suggest that consumers are increasingly comfortable with using credit cards for e-commerce, driven possibly by the convenience and security that online shopping offers.
In terms of financial volume, monthly purchases at POS have reached an impressive 596 billion Guaraníes, marking a 9.2% rise from the first quarter of 2023. This increase in spending volume at POS reflects both higher transaction frequency and potentially higher average transaction values. The infrastructure supporting these transactions, represented by the number of POS terminals, has also seen a slight increase of 0.5%, bringing the total to 98212 terminals. This expansion ensures that consumers have more access points to use their credit cards, facilitating the overall growth in POS transactions.
Financing through credit cards has also grown, with the total value of financing reaching 3952 billion Guaraníes, up by 4% from the fourth quarter of 2023. This growth indicates that more consumers are leveraging their credit lines for larger purchases or managing cash flows, reflecting a trust in the financial products offered by credit card issuers.
Monthly purchases at Points of Sale (POS) have also experienced a notable rise. The volume of these transactions has grown to 3.1 million per month, which is a 4.6% increase from the first quarter of 2023. This growth indicates a steady adoption of credit cards for in-store purchases, highlighting a shift towards cashless transactions in physical retail environments.
Online purchases are showing an even more pronounced increase, with 688,000 transactions recorded per month. This represents a significant 15% surge compared to the first quarter of 2023. The data suggest that consumers are increasingly comfortable with using credit cards for e-commerce, driven possibly by the convenience and security that online shopping offers.
In terms of financial volume, monthly purchases at POS have reached an impressive 596 billion Guaraníes, marking a 9.2% rise from the first quarter of 2023. This increase in spending volume at POS reflects both higher transaction frequency and potentially higher average transaction values. The infrastructure supporting these transactions, represented by the number of POS terminals, has also seen a slight increase of 0.5%, bringing the total to 98212 terminals. This expansion ensures that consumers have more access points to use their credit cards, facilitating the overall growth in POS transactions.
Financing through credit cards has also grown, with the total value of financing reaching 3952 billion Guaraníes, up by 4% from the fourth quarter of 2023. This growth indicates that more consumers are leveraging their credit lines for larger purchases or managing cash flows, reflecting a trust in the financial products offered by credit card issuers.
Market share growth ranking - Number of credit cards
Market share growth ranking - Outstanding credit card receivables
Market share growth ranking - Payment networks (number of affiliated merchants)
Recent market share data in Paraguay highlight significant shifts and trends in the competitive landscape, providing insights into the performance of various banks and financial entities for the first quarter of 2024, compared to 2023.
Among the notable performers, Ueno Bank has achieved substantial growth, increasing its market share by 2.5% to reach 2.8% in Q1 2024, up from just 0.3% in Q1 2023. This remarkable rise places Ueno Bank in the ninth position overall.
Among the notable performers, Ueno Bank has achieved substantial growth, increasing its market share by 2.5% to reach 2.8% in Q1 2024, up from just 0.3% in Q1 2023. This remarkable rise places Ueno Bank in the ninth position overall.
Continental Bank also showed a positive trend, with a market share increase of 0.69%, bringing it to 8.8%, up from 8.1% in the previous quarter, securing the third spot in the rankings. Financiera FIC saw a growth of 0.23%, reaching a market share of 0.4% from 0.2%, moving it to the 18th position. Bancop experienced a slight increase of 0.09%, maintaining a stable market share at 1.0%, positioning it at 13th. ZetaBanco had a minor uptick of 0.03%, increasing its market share to 0.5% from 0.4%, placing it at 16th.
On the other hand, Bancard leads the market with a 0.38% increase in market share, solidifying its first-place position. Bepsa, despite being in the fourth position, experienced a slight decline of 0.10% in market share. ProCard faced a more considerable drop, losing 0.32% of its market share. Cabal, ranked third, also saw a minor decrease of 0.08%. Lastly, Panal experienced a positive growth of 0.12%, securing the second position.
On the other hand, Bancard leads the market with a 0.38% increase in market share, solidifying its first-place position. Bepsa, despite being in the fourth position, experienced a slight decline of 0.10% in market share. ProCard faced a more considerable drop, losing 0.32% of its market share. Cabal, ranked third, also saw a minor decrease of 0.08%. Lastly, Panal experienced a positive growth of 0.12%, securing the second position.