Venezuela Cards and Payments - Opportunities and Risks to 2026

Venezuela Cards and Payments - Opportunities and Risks to 2026

Summary

GlobalData’s ‘Venezuela Cards and Payments - Opportunities and Risks to 2026' report provides detailed analysis of market trends in the Venezuelans cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards, cheques, credit transfers and direct debits during the review-period (2018-22e).

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 (2022e-26f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

The report provides top-level market analysis, information and insights into the Venezuelans cards and payments industry, including -

• Current and forecast values for each market in the Venezuelans cards and payments industry, including debit and credit cards.
• Detailed insights into payment instruments including cards, cheques, credit transfers and direct debits . It also, includes an overview of the country's key alternative payment instruments.
• Ecommerce market analysis.
• Analysis of various market drivers and regulations governing the Venezuelans cards and payments industry.
• Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• The competitive landscape of the Venezuelans cards and payments industry.

Scope

• The country's hyperinflation has forced the government to adopt digital payment systems. To tackle problems with cash issuance and prevent consumers from having to handle large volumes of cash to conduct purchases, in October 2021 the Venezuelan government introduced a central bank digital currency called the digital bolivar: an SMS-based system for making payments and transfers. In 2018, the government introduced digital currency Petro, which is based on the country’s oil reserves.
• Amid hyperinflation, cryptocurrency has emerged as one of the measures to handle local currency shortages. In June 2021, Bio Mercados (a supermarket chain in Venezuela) partnered with Cryptobuyer (a cryptocurrency exchange platform based in Panama). Under this partnership, Bio Mercados accepts payments for purchases made via Bitcoin, Dash, Litecoin, Binance Coin, Tron, and Cryptobuyer's own cryptocurrency, XPT.
• To address the cash shortage and reduce the need to carry large amounts of cash, in December 2018, the Venezuelan government barred the circulation of VEF1,000, VEF2,000, and VEF5,000 notes - replacing them with VEF10,000, VEF20,000, and VEF50,000 notes in June 2019. VEF200,000, VEF500,000, and VEF1 million notes were subsequently introduced by the government in March 2021.

Reasons to Buy

The report provides top-level market analysis, information and insights into the Venezuelans cards and payments industry, including -

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