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Venezuela Country Report

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  • Published Date: May 2017

A comprehensive overview of the cards, payments and consumer banking market in Venezuela.

VENEZUELA CARDS & PAYMENTS REPORT | KEY FACTS

  • Economic and social conditions in Venezuela have deteriorated dramatically in recent years under the watch of a socialist government which has been in power since 1999.
  • The decline in global oil prices triggered a series of crises. Continuous government intervention and price controls have resulted in hyperinflation.
  • A shortage of officially published data combined with the fact that there are three official exchange rates makes it difficult to get a true picture of Venezuela's economy.
  • The financial industry has been subject to continuous regulation in recent years. However, financial institutions have managed to adapt to these changes, increasing productivity and profitability.
  • A large gap between inflation and capped interest rates makes borrowing very attractive to consumers.
  • Credit card loans have overtaken mortgage loans as the largest segment of consumer credit. Delaying payment for everyday goods offers large savings to consumers.
  • Venezuela's cards market has also been boosted by the fact that paying in cash is often impractical as inflation has eroded the value of banknotes.
  • To address this problem, the government began the rollout of a new series of higher-denomination notes in January 2017.
  • Around ten million Venezuelan workers are partially paid in food vouchers. These vouchers are being migrated from paper coupons to prepaid plastic cards.
  • Acquiring in Venezuela is carried out by the issuing banks. Merchants typically have contracts with multiple banks with separate POS terminals.

Venezuela Payments Research | Report Contents

Demographics and Economy:
Outlines the key metrics and trends which influence the development of retail banking and payments in the country:

  • Population structure
  • Income
  • Mobile and internet use
  • Economic data

Retail Banking:
Explores the structure of the local banking system, its infrastructure and the leading players. Data includes:

  • Aggregate retail banking indicators
  • Bank branch, ATMs and POS terminals
  • The profitability of top banks

Consumer Finance:
Overview of consumer finance in the country. Categories analysed include:

  • Mortgage loans
  • Personal loans
  • Credit card loans
  • Vehicle loans

Credit Cards:
Industry-leading credit card coverage. We detail the past present and future of the industry through our credit card data and commentary, including:

  • Market size split by consumer and commercial credit cards: number of cards, transaction volume, billed volume
  • Profit pool analysis
  • Competitive landscape: networks, issuers

Debit Cards:

  • Market size: number of cards, transaction volume, billed volume
  • Competitive landscape: networks, issuers

Prepaid Cards:

  • Market size: number of cards, transaction volume, billed volume

MORE LATIN AMERICA CARDS & PAYMENTS REPORTS

Verisk reports deliver invaluable market and competitor intelligence on payments cards, e-money, acquiring/processing, retail banking, and consumer credit in Latin America. Analysts and researchers use both primary and secondary source data and conduct in-depth interviews with Latin American industry executives and experts.

See more Latin America Country Reports or explore the full range of payments research reports available for 72 markets.

To find out more or to discuss subscription options, please email: research_enquiries@verisk.com or telephone: +44(0)20 7337 4200.