The study is based on extensive secondary and primary research. The various sources studied during the secondary research include websites of payment/ banking/ industry associations, industry regulatory bodies, banks and card issuers. The primary research include in-depth interviews with industry experts and key opinion leaders.
Argentina cards and payments market overview
In terms of number of cards in circulation, the Argentina payment cards market is expected to grow at a CAGR of 3.8% over the period 2015-2020. Argentina’s population grew steadily from 41.7 million in 2012 to 42.6 million in 2014 and is expected to reach 45.5 million by 2020. This increase in population is expected to encourage card spending over the forecast period. The percentage of the urban population in total population grew from 91.2% in 2012 to 91.6% in 2014 and is expected to grow further over the forecast period, to reach 92.6% in 2020. The increase in urbanization will be leading to increase in the scope for payment cards use in the country.
The debit card transaction value at ATM remained considerably higher than the transaction value at POS terminals. The transaction value of debit cards at ATM accounted for 81.9% of the total debit card transaction value in 2014, which states that consumers prefer to use debit cards at ATMs rather than POS terminals. The average debit card transaction value increased from ARS 235.8 in 2012 to ARS 243.3 in 2014, at a CAGR of 1.6%. The average transaction value is expected to grow at a CAGR of 0.9% during the forecast period. The frequency of debit card usage increased at a CAGR of 1.7% during 2012-2014. The frequency of transaction is expected to reach up to 53.9 times by 2020.
The credit cards market is concentrated in terms of number of cards in circulation, with the five leading issuers accounting for a 51.8% share in 2014. The credit cards are largely used by consumers at POS terminals for retail purchases rather than cash withdrawals at ATMs. In 2014, the number of credit card transactions at POS terminals accounted for 98.2% of the total credit card transactions in the country.
Charge cards segment represents a small portion of the Argentina pay later card market .The average charge card transaction value increased from ARS 319.8 in 2012 to ARS 345.4 in 2014, at a CAGR of 3.9%. The average transaction value is anticipated to grow at a CAGR of 1.8% during the period 2015-2020.
Key players in the Argentina cards and payments market:
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