Market Research Report
Market Opportunities and Emerging Trends in the Prepaid Card Market in Latin America
|Published by||BRICdata||Product code||244452|
|Published||Content info||90 Pages
|Market Opportunities and Emerging Trends in the Prepaid Card Market in Latin America|
|Published: June 1, 2012||Content info: 90 Pages||
The report provides market analysis, information and insights into the Latin America prepaid card market, including:
The Latin American (Brazil, Mexico, Chile and Peru) prepaid card industry, including both open and closed-loop prepaid cards, registered strong growth during the review period, posting a combined CAGR of 30.04%. It is estimated that 75 million of the Brazilian population are unbanked, or do not have access to banking services. Prepaid cards provide an alternative payment platform to unbanked consumers and help increase levels of financial inclusion. The Mexican prepaid cards market has slowly gained in popularity as organized retailers and vendors began to accept prepaid cards without charging a processing fee. Furthermore, vehicle rental vendors are also using prepaid cards for their service transactions. During the review period, 47% of Chilean retailers enrolled in a gift card program, making the country the second-largest Latin American market after Mexico for prepaid cards. Chilean gift card brands include Falabella, Easy and Paris. More than 50% of the Peruvian population is still unbanked. In order to provide wider levels of financial inclusion, banks in Peru are expected to issue prepaid or debit cards rather than credit cards. The ease of obtaining prepaid cards will drive the market over the forecast period.