Payments Landscape in Venezuela: Opportunities and Risks to 2021


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GlobalData

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Payments Landscape in Venezuela: Opportunities and Risks to 2021

Summary

GlobalDatas "Payments Landscape in Venezuela: Opportunities and Risks to 2021", report provides detailed analysis of market trends in the Venezuelan cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including credit transfers, cards, cheques, and direct debit during the review-period (2013-17e).

The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2017-21f). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.

The report brings together GlobalDatas research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.

This report provides top-level market analysis, information and insights into the Venezuelan cards and payments industry, including -
- Current and forecast values for each market in the Venezuelan cards and payments industry, including debit and credit cards.
- Detailed insights into payment instruments including credit transfers, cards, cheques and direct debit. It also, includes an overview of the country's key alternative payment instruments.
- Analysis of various market drivers and regulations governing the Venezuelan cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, and credit cards.

Scope

- To increase electronic payments in Venezuela, in September 2017 the government introduced VAT rate reductions of 3% and 5% on products and services purchased using electronic modes of payment such as payment cards. According to Decree No. 3,085, between September 27, 2017 and December 31, 2017 9% VAT was charged for transactions up to VEF2m (a reduction of 3%), while for transactions above VEF2m, VAT of 7% was levied (a reduction of 5%).
- To reduce dependence on cash in the country, banks and payment companies are promoting electronic payments. All major banks in Venezuela have introduced their own mobile apps enabling individuals to conduct fund transfers electronically. For instance, in October 2017 BBVA Provincial launched its Dinero Rpido mobile payment app which enables individuals to make fund transfers instantly to consumers and merchants. A similar app was launched by Mercantil Banco Universal in the same month.
- To tackle the cash shortage in the country and prevent consumers from having to handle large volumes of cash to conduct purchases, in January 2018 the government introduced a mobile app called Billetera Mvil. The app enables individuals to pay for subsidized food products purchased from local supply and production committees using their Carnet de la Patria (identification card). Venezuelan citizens can download the app and register using their ID number or by scanning the QR code on their identification card.

Reasons to buy

- Make strategic business decisions, using top-level historic and forecast market data, related to the Venezuelan cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Venezuelan cards and payments industry.
- Assess the competitive dynamics in the Venezuelan cards and payments industry.
- Gain insights into marketing strategies used for various card types in Venezuela.
- Gain insights into key regulations governing the Venezuelan cards and payments industry.