2014-02-18 05:16:03 - Emerging Opportunities in Colombiaâs Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape - a new market research report on companiesandmarkets.com
Colombia is the fourth-largest economy in Latin America. It had a population of 46 million in 2012, of which 15.7 million lived below the poverty line. Colombia has a huge unbanked population with more than 40% of the population not holding a bank account. Low banking penetration presents huge potential for card companies in the country. The number of payment cards in circulation registered a CAGR of 11.69% during the review period to reach 51.7 million cards in 2012. The total value of card transactions reached COP207.6 billion (US$2.3 billion) in 2012.
Card payments are expected to deliver strong growth over the forecast period as consumers are increasingly moving away from cash transactions. The Colombian card payments industry grew both in
terms of volume and value during the review period. In terms of transaction volume, the industry grew at a CAGR of 7.14% from 593 million transactions in 2008 to 781.3 million in 2012. It is anticipated that this volume will grow at a CAGR of 6.04% over the forecast period, to reach 1.06 billion transactions in 2017.
â¢ The implementation of improved security measures and advanced technology changed the dynamics of the card payments industry in Colombia. According to Superintendencias Circular 052 directive, all Colombian banks are required to migrate their cards and POS terminals to EMV by the end of 2013. Meanwhile, October 2014 is set as the deadline for ATM operators to be EMV-compliant. So far, 35% of MasterCard-branded cards in Colombia have been migrated to EMV.
â¢ The growing e-commerce market in Colombia is expected to drive growth in the card payments industry over the forecast period. E-commerce is an emerging trend in Colombia and witnessed a high growth of 67%, increasing from US$1.2 billion in 2011 to US$20.0 billion in 2012.
â¢ Smartphone penetration in Colombia currently stands at 20% but market analysis suggests it possesses huge growth potential. From January 2012 to January 2013, the smartphone market in Colombia grew by 200%. Increasing smartphone penetration will help to drive m-commerce market growth in the country.
â¢ Colombia is a developing country with sustained economic growth but banking penetration is relatively low in comparison with neighboring countries. The banking penetration in Colombia was 57.6% in 2012. To increase banking penetration in the country, the central government launched the La Banca de las Oportunidades (Opportunities Banking) policy. Through this policy, non-banking companies can also provide financial services.
â¢ This report provides a comprehensive analysis of Colombias cards and payments industry
â¢ It provides current values for Colombias cards and payments industry for 2012 and forecast figures for 2017
â¢ It details the different macroeconomic, infrastructural, consumer and business drivers affecting Colombias cards and payments industry
â¢ It outlines the current regulatory framework in the industry
â¢ It details the marketing strategies used by various bankers and other institutions
â¢ It profiles the major banks in Colombias cards and payments industry
Reasons to Buy
â¢ Make strategic business decisions using historic and forecast market data related to Colombias cards and payments industry and each market within it
â¢ Understand the key market trends and growth opportunities within Colombias cards and payments industry
â¢ Assess the competitive dynamics in Colombias cards and payments industry
â¢ Gain insights into the marketing strategies used for selling various types of cards in Colombia
â¢ Gain insights into key regulations governing Colombias cards and payments industry
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