Uruguay Cards and Payments - Opportunities and Risks to 2025

Uruguay Cards and Payments - Opportunities and Risks to 2025

  • May 2022 •
  • 50 pages •
  • Report ID: 6286201 •
  • Format: PDF
Uruguay Cards and Payments - Opportunities and Risks to 2025

Summary
’Uruguay Cards and Payments - Opportunities and Risks to 2025’ report provides detailed analysis of market trends in Uruguay’s cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards, direct debits, credit transfers, 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 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.

The report provides top-level market analysis, information and insights into Uruguay’s cards and payments industry, including -
- Current and forecast values for each market in Uruguay’s cards and payments industry, including debit and credit cards.
- Detailed insights into payment instruments including cards, direct debits, credit transfers, and cheques. It also, includes an overview of the country’s key alternative payment instruments.
- Analysis of various market drivers and regulations governing Uruguay’s cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.

Scope
- To promote electronic payments in the country, in March 2021, the central bank launched a real-time instant payment service called Instant Interbank Fund Transfer. Initially, four banks (Banco Republica, Itau Unibanco, HSBC, and Citibank) signed up for the service, which operates from 9am to 5.15pm on business days only. Customers of these banks can transfer funds instantly within 10 seconds.
- Uruguay is considered a well-developed Latin American nation in terms of digitization. As a result, ecommerce in the country is growing at a rapid pace. The COVID-19 pandemic has further encouraged consumers’ preference for online shopping. The availability of alternative payment tools such as Mercado Pago, PayPal, and Paganza that offer convenience and security is helping drive growth. Online shopping events such as Cyber Monday and Black Friday are also supporting ecommerce growth in the country.
- Uruguay’s government has taken various measures to promote the use and acceptance of payment cards among consumers and merchants. In November 2020, it reduced VAT rates from 22% to 13% on card payments made for hotels, restaurants, bars, cafes, car rental services, and accommodation services. This benefit was available until June 30, 2021. Meanwhile, to encourage card acceptance among merchants, the government has been providing POS terminals at subsidized rates since 2018. The scheme has been extended until the end of 2022.

Reasons to Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to Uruguay’s cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in Uruguay’s cards and payments industry.
- Assess the competitive dynamics in Uruguay’s cards and payments industry.
- Gain insights into marketing strategies used for various card types in Uruguay.
- Gain insights into key regulations governing Uruguay’s cards and payments industry.
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