It doesn’t matter if you owe it or not, BanCoppel has positioned itself as the third banking institution that issues the most credit cards in Mexico. Thus, amid the offer of entities and Sofipos, the department store chain’s banking has positioned itself only behind BBVA and Citibanamex.
According to information collected by The Economistby July 2024, 35.5 million credit card contracts were signed, an increase of 2.5 million more than the previous year. From there, BanCoppel covered a little more than approximately 12%.
This trend reflects Mexicans’ attachment to TDCs. By the end of 2023, the sector of this type of cards experienced an increase of 14.4% in its balance, an equivalent of 544,900 million pesos.
According to the media citing the Bank of Mexico, “Credit cards are one of the main consumer credit products and one of the most popular means of payment”.
So, how is the market for these plastics positioned? As mentioned, BBVA México led the granting of cards with 9.5 million contracts by July 2024. Citibanamex follows on the podium with a not so wide difference: 8.6 million contracts.
The bronze goes to BanCoppel with 4.5 million. However, despite reaching this figure, from July 2023 to July 2024, the institution presented a loss of at least 100,000 clients.
A third place that is not a surprise
Although it may seem surprising that Almacenes Coppel’s financial vertical grants millions of credit cards in the country, this did not happen from one year to the next. The trend dates back at least a decade.
At the end of 2014, the National Banking and Securities Commission stated that BanCoppel awarded at least 3 million 53,700 cards of credit. Since then, it left behind banks like Santander and Banorte. For 2017, continued in the same position by becoming clients in at least 400 cities in Mexico.
In addition, Coppel’s web store is among the most visited in Mexico with a 22% preference among consumers. Of course, in this competition he does not face giants of the e-commerce like Amazon and Mercado Libre, but it is positioned within the top five nationally.
