Cards and Payments Market Comprehensive Analysis in 2017 Report March. 2017 | Page 2

Similarly, to enhance use of electronic payments, in December 2016 the government
introduced a two percentage-point discount on VAT on products and services purchased
using payment cards, bringing the VAT rate down from 12% to 10%. The discount only
applies to transactions above US$20,050.6 (VEF200,000).
Amid the growing financial turmoil and hyperinflation in the country, virtual currency bitcoin
is gradually gaining acceptance in Venezuela. According to Venezuelan brokerage website
Surbitcoin.com, the number of users increased from 450 in August 2014 to 85,000 in
November 2016. To capitalize on its rising popularity, Venezuela-based startup Cryptobuyer
partnered with Visa in September 2016 to offer free bitcoin debit cards. Users can send
bitcoin payments to friends and family in other countries without the involvement of
intermediaries. The card can also be used to make ATM cash withdrawals and payments at
POS terminals in Venezuela.
Scope
This report provides a comprehensive analysis of the Venezuelan cards and payments
industry.
It provides current values for the Venezuelan cards and payments industry for 2016, and
forecast figures to 2020.
It details the different demographic, economic, infrastructural and business drivers affecting
the Venezuelan cards and payments industry.
It outlines the current regulatory framework in the industry.
It details marketing strategies used by various banks and other institutions.
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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.
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