Paraguayan Credit Card Usage Reaches All-Time High, Surpassing G. 3.7 Billion

In the latest statistical bulletin from the Central Bank of Paraguay (BCP) it reported that credit cards have experienced growth compared to the amounts it moved at the end of 2023, also reflected in the placement of more plastics.

Precisely, the accumulated value throughout the year was G. 3.7 billion, representing a growth of 10.28% compared to December 2022, when the value was G. 3.3 billion.

Although the data from the Financial Indicators report covers until the month of November, they reveal that the most dynamic segment with regard to credit cards is that which handles amounts of less than G. 3 million. That is, this sector faces greater difficulty in meeting its payment obligations and has a greater impact on delinquency as it enters this state more frequently.

Fuente: BCP

According to the report by economic consultancy Mentu, the growing trend in the use of credit cards within the financial system continues to increase, driven in part by the rate reduction observed in October and November of last year. These elements converge in encouraging figures that are evident at the end of 2023. In November, the rate had fallen to 17.4%, after positioning itself around 18%, and, for 2024, the rate set by the BCP is of 16.9%.

Mentu indicates that this amount of USD 521 million is the highest level to date. However, if the interannual variation is taken into account, the most significant growth had occurred in 2022, when the balance grew 15.6%. Total credit card delinquencies were 4.8%.

Additionally, the market saw an increase in the number of active cards, surpassing the 1,100,000 mark, an all-time record. As a result, the average balance per card amounted to G. 3.45 million (USD 473.4), underscoring the robustness and widespread use of these payment methods.

The financial scenario, characterized by commercial alliances between financial entities and companies, the expansion of new institutions in the banking system and decisions to adjust downwards monetary policy could continue to drive the increase in the use of credit cards throughout the year. this year, adds the consulting firm’s analysis.

These figures reflect not only the convenience and accessibility that credit cards offer, but also the continued confidence of users in this transaction method in a dynamic and constantly evolving financial environment.

2024-02-02 11:01:23
#Historical #figure #Credit #cards #moved #USD #million #MarketData