JSB Market Research: Venezuela's Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape
Venezuela is one of the founding members of Organization of the Petroleum Exporting Countries (OPEC) and is one of the world’s biggest exporters of crude oil. The global crisis severely affected the Venezuelan economy, with the GDP growth contracting to reach -3.20% in 2009. For More Information Visit: http://goo.gl/W0xE5f
Venezuela is one of the founding members of Organization of the Petroleum Exporting Countries (OPEC) and is one of the world’s biggest exporters of crude oil. The global crisis severely affected the Venezuelan economy, with the GDP
growth contracting to reach -3.20% in 2009.
For More Information Visit: http://goo.gl/W0xE5f
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• Many factors supported the review-period growth, such as an increase in per<br />
capita income, payment infrastructure modernization, growth in retail, e-<br />
commerce <strong>and</strong> tourism industries. Venezuela’s government’s decision to offer<br />
social benefits to senior citizens through banks supported the growth of the debit<br />
cards category, while growing dem<strong>and</strong> for credit among middle-income<br />
consumers following the economic crisis benefitted the credit cards category.<br />
• Banks in Venezuela are focusing on offering banking <strong>and</strong> financial services to<br />
customers residing in urban <strong>and</strong> rural areas, through low-cost channels such as<br />
internet <strong>and</strong> mobile banking <strong>and</strong> self-service terminals. This strategy serves<br />
several purposes: banks are able to reduce branch establishment costs, while<br />
customers benefit from not waiting in long queues, <strong>and</strong> can also avoid being<br />
robbed. Consequently, most Venezuelan consumers are open to modern payment<br />
methods.<br />
• In terms of transaction value, the debit <strong>and</strong> credit card categories recorded<br />
respective review-period CAGRs of 50.87% <strong>and</strong> 27.62%. In 2013, the value of<br />
debit card transactions at POS terminals was marginally greater than at ATMs,<br />
representing 51.8% of the total debit cards transaction value. Similarly, the value<br />
of credit cards transactions at POS terminals was greater than that at ATMs,<br />
representing 95% of the total credit cards transaction value. Increasing use of<br />
debit <strong>and</strong> credit cards at POS terminals <strong>and</strong> the growing need for credit among<br />
middle-class families are anticipated to increase card transaction values over the<br />
forecast period.<br />
Reasons to buy<br />
• Make strategic business decisions using top-level historic <strong>and</strong> forecast market<br />
data related to Venezuelas cards <strong>and</strong> payments industry <strong>and</strong> each market within<br />
it.<br />
• Underst<strong>and</strong> the key market trends <strong>and</strong> growth opportunities within Venezuelas<br />
cards <strong>and</strong> payments industry.<br />
• Assess the competitive dynamics in Venezuelas cards <strong>and</strong> payments industry.<br />
• Gain insights in to the marketing strategies used for selling various card types<br />
in Venezuela.<br />
• Gain insights into key regulations governing Venezuelas cards <strong>and</strong> payments<br />
industry.<br />
Email ID- contact@jsbmarketresearch.com<br />
Tel No- 91 2241236650<br />
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