Uruguay Cards and Payments: Opportunities and Risks to 2028

The ‘Uruguay Cards and Payments: Opportunities and Risks to 2028' report provides top-level market analysis, information and insights into the Uruguayan cards and payments industry, including :

• Current and forecast values for each market in the Uruguayan cards and payments industry, including debit and credit cards.
• Detailed insights into payment instruments including cash, cards, credit transfer, direct debits and cheques. It also, includes an overview of the country's key alternative payment instruments.

The ‘Uruguay Cards and Payments: Opportunities and Risks to 2028' report provides detailed analysis of market trends in the Uruguayan cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, credit transfers, direct debits, and cheques during the review-period (2020-24e).

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 (2024e-28f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together the analyst’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.

• Ecommerce market analysis.
• Analysis of various market drivers and regulations governing the Uruguayan cards and payments industry.
• Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• The competitive landscape of the Uruguayan cards and payments industry.

Key Highlights

• Interbank transfers instant’ is the instant interbank transfer service launched by the Central Bank of Uruguay (BCU) in May 2021. The solution allows individuals to electronically transfer funds between bank accounts in real-time. The solution operates 24 hours a day, seven days a week, 365 days a year. It supports both consumer and business payments. The transaction limit per transaction is set as UYU22,000 or $500. As of June 2024, 24 banks in Uruguay currently support Interbank transfers, including the Banco Republica (BROU), Itau, HSBC, Citibank, BBVA, Santander and Scotiabank.
• The adoption of mobile wallets is on an upward trend in Uruguay, mainly because of digitalization, advance payment technology, improving payment infrastructure and a growing consumer shift towards non-cash payments. The availability of local and international brands such as Tuapp, PayPal, and Google Pay is also contributing to this growth. The Uruguayan government is also contributing to promote financial inclusion in the country. For instance, the government collaborated with the state-owned telecommunications service provider ANTEL and BROU to introduce Tuapp. This mobile wallet enables users to make payments for taxis, bills, shopping, parking, and mobile recharges using their phone.
• To capitalize on the growing opportunity in the ecommerce space, new players are entering the market. For instance, in December 2023, fashion brand retailer Lemon, launched its ecommerce app in the market. Similarly, in November 2023, telecoms brand Motorola launched its official ecommerce website in the country. Meanwhile, to enhance the customer experience, in November 2023, Electroventas a business specializing in computer, office, home and personal care items, relaunched its ecommerce offering with an easy-to-navigate platform to make browsing easier for customers.

Scope

• Card market size in terms of number of cards, value and volume of transactions in Uruguay along with detailed card segmentation of debit and credit cards available in the country.
• Market sizing and analysis of major payment instruments including cash, cards, credit transfers, direct debits, and cheques.
• Payment market trends and growth for both historical and forecast period
• Competitor analysis with detailed insights into leading card issuers and schemes.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• A detailed snapshot of country's key alternative payment brands.

Reasons to Buy

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