Credit and Debit Cards Market in Peru - 2024.06 Rankings
As of June 2024, the credit card portfolio in Peru's financial sector has experienced a noticeable decline. The total number of credit cards in circulation across banks, financial companies, and rural and municipal savings banks reached 8.2 million, down from 8.7 million in June 2023, reflecting a year-over-year decrease of 5.6%.
Specifically, the number of credit cards issued by banks fell from 6.61 million in 2023 to 6.28 million in 2024, representing a decline of 5.0%. Financial companies saw an even more significant drop, with their credit card numbers decreasing by 8.2%, from 1.51 million to 1.39 million. Rural and municipal savings banks also experienced a reduction, with credit card issuance falling by 5.9%, from 0.58 million to 0.55 million.
In contrast, the debit card market showed positive growth during the same period. The total number of debit cards increased from 42.2 million in June 2023 to 45.0 million in June 2024, representing a year-over-year growth of 6.7%. Banks led this growth with a 6.5% increase, as the number of debit cards rose from 33.9 million to 36.1 million. Municipal savings banks also showed strong performance, with an increase of 7.9%, raising the number of debit cards from 6.3 million to 6.8 million. Financial companies saw a 5.7% growth in debit cards, from 2.0 million to 2.1 million.??
In terms of market share for credit cards, Banco de Crédito del Perú (BCP) emerged as the leader in growth, gaining 0.40% market share between March 2024 and June 2024. Financiera Oh! followed with a market share increase of 0.06%, while Scotiabank Perú gained 0.03%. Interbank and Interamericano de Finanzas both saw slight gains of 0.01% in market share.
For debit cards, Financiera Oh! led the market share growth with a significant gain of 0.92% between March and June 2024. CMAC Huancayo followed with an increase of 0.14%, while BCP gained 0.13%. Compartamos Financiera and Banco Ripley also saw increases of 0.10% and 0.04%, respectively.? ??
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Credit card loans portfolio declined significantly, from 22,183 million soles in June 2023 to 20,494 million soles in June 2024, marking a nominal year-over-year decrease of 7.6%.?
Among the top five competitors in the market share for credit card portfolios, BCP maintained a strong lead with a 29.5% share, followed by BBVA Perú with 18.8%, Interbank with 13.2%, and Scotiabank Perú with 12.1%. Banco Falabella Perú rounded out the top five with an 8.0% market share. Collectively, these five institutions accounted for 81.6% of the total market share in the credit card financing sector.
As of June 2024, the delinquency rates for the loan portfolios of banks in Peru show varying trends across different credit lines and business segments. In the case of consumer credit, non-revolving loans and personal loans both registered a delinquency rate of 3.3%, reflecting an increase of 0.9% compared to June 2023, when the rate stood at 2.4%. The category of revolving consumer credit, however, saw an improvement, with the delinquency rate decreasing from 6.1% in June 2023 to 4.9% in June 2024, a reduction of 1.3%.
Credit card debt showed a significant increase in delinquencies, rising from 4.9% in 2023 to 6.5% in 2024, marking a 1.6% increase. Vehicle loans also saw a rise, with the delinquency rate climbing from 3.2% to 4.5%, representing an increase of 1.2%. Overall, the average delinquency rate for consumer loans increased by 1.1%, from 3.0% in 2023 to 4.1% in 2024. When examining the delinquency rates by business segments, the corporate segment maintained a relatively stable delinquency rate, rising marginally from 0.5% in June 2023 to 0.6% in June 2024, reflecting a 0.1% increase. For large companies, the rate remained unchanged at 2.3%. The delinquency rate for medium-sized businesses showed an improvement, decreasing by 0.7%, from 13.8% in 2023 to 13.1% in 2024.
On the other hand, micro-enterprises experienced a slight increase in delinquencies, with the rate rising from 4.0% in 2023 to 4.4% in 2024, an increase of 0.4%. Small businesses also saw an increase, with their delinquency rate going from 9.9% to 10.4%, reflecting a 0.5% rise. In the mortgage sector, there was a modest increase in delinquencies, with the rate moving from 2.8% in 2023 to 2.9% in 2024, a 0.1% increase.