GlobalData's 'Venezuela Cards and Payments - Opportunities and Risks to 2025' report provides detailed analysis of market trends in the Venezuelan cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards, credit transfers, direct debits, and cheques during the review-period (2017-21e).
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 (2021e-25f). 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.
This report provides top-level market analysis, information and insights into the Venezuelan cards and payments industry, including -
- Current and forecast values for each market in Venezuelan cards and payments industry, including debit and credit cards.
- Detailed insights into payment instruments including cards, credit transfers, direct debits, and cheques. It also, includes an overview of the country's key alternative payment instruments.
- Analysis of various market drivers and regulations governing the Venezuelan cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
- 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 August 2021 the Venezuelan government introduced a central bank digital currency called the digital bolivar, an SMS-based system for making payments and transfers.
- Amid growing 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, the supermarket chain 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 and replaced them with VEF10,000, VEF20,000, and VEF50,000 notes in June 2019. In a further bid to tackle soaring consumer prices in the country, VEF200,000, VEF500,000, and VEF1m notes were introduced by the government in March 2021.
Reasons to Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the Venezuelan cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Venezuelan cards and payments industry.
- Assess the competitive dynamics in the Venezuelan cards and payments industry.
- Gain insights into marketing strategies used for various card types in Venezuela.
- Gain insights into key regulations governing the Venezuelan cards and payments industry.