Credit cards
in Central America
Monday, May 14, 2012
Between January and March 2012 599.000 credit cards were issued in Panama, an increase of 8.3% compared to the same period in 2011.
Data from the Panamanian Credit Association (APC in Spanish), also indicated that the balance on the total number active credit cards was $1.081 million, 11% more than on the same date in 2011 when it was $973 million.
Monday, May 14, 2012
A passive base rate in excess of 12% would be problematic, affecting the behavior of borrowers and is likely to cause an increase in defaults.
The Passive Base Rate (PBR) reached 10% on May 9, a level not seen since October 2009. The banks set their interest rate according to the PBR and charge an additional margin. It is estimated that there are 400,000 public bank transactions related to this indicator, reported Elfinancierocr.com.
Wednesday, April 25, 2012
The National Electronic Payments System will assign a customer account number to each cardholder for making interbank payments and collections.
This possibility will be effective from July 1st, when the National Electronic Payments System (SINPE) will enable the service. With the assignment of a customer account number (‘cuenta cliente’ or CC in Spanish) to credit cards, customers may make payments and collection transactions using the interbank payment instrument.
Friday, April 13, 2012
The company has been under investigation for issuing customers a "financial card" that allowed them to deposit money by electronic means.
The Ministry of Trade and Industry (MITI) through the Directorate of Financial Enterprises, has ordered the closure of the finance company Pronto Cash after having cancelled its operating permit. The agency also fined the company $10,000 on 1st April.
Friday, April 13, 2012
Visa Payments and Transfers is a system that allows transferring funds or making payments from cell phones using debit or credit cards.
Visa Inc. has developed a technology for making payments and debit card and credit transactions from phones that will be used in Guatemala for the first time in Latin America.
Tuesday, March 27, 2012
The Financial company Pronto Cash has issued a MasterCard card that operates similarly to a debit card, allowing payments to be made electronically, without stating its origin.
An article by Rafael Berrocal in Panamaamerica.com.pa reviews the payment system used by Pronto Cash, noting that "the collection of deposits is reserved for formal cooperative banks, and any other system is considered illegal, according to the financial regulators the MICI and the Superintendency of Banks."
Tuesday, February 28, 2012
Proposals are being put forward in the Legislative Assembly of El Salvador to limit interest rates on credit cards via a usury law.
Representantives from the official FMLN party and the Gana party have dusted off the Credit Card System Law, proposing to amend Article 19 in order to lower interest rates, which according to them, remain very high for users, reported ElSalvador.com.
Wednesday, February 8, 2012
Citibank, with $242 million; BAC International Bank, with $176.5 million; HSBC Bank, with $134 million and Banco General, with $133 million, are the banks that have the highest loan amounts.
The annual amounts of loans taken out using credit cards in Panama last November amounted to $867.9 million, far surpassing the $61.1 million figure for the same period in 2010.
Tuesday, January 17, 2012
In the past four years credit card issuance has reduced by 42.4%.
Credit restrictions applied by banks is one of the reasons for the reduction. According to Juan Carlos Arguello, president of the Association of Private Banks of Nicaragua (Asobanp), the downward trend will be maintained.
Thursday, November 24, 2011
The Superintendency of Competition has presented a study on conditions of competition in the sector of credit and debit cards.
In El Salvador, credit and debit cards are becoming increasingly important as a means of payment, and in the case of credit have become one of the largest sources of consumer loans.
Thursday, October 27, 2011
The Financial Committee of the Legislative Assembly in El Salvador has began to study a bill which will apply to "all financing operations related to the procurement of goods and services."
The item will be incorporated into the usury bill, that will be analyzed in Congress .
Wednesday, October 26, 2011
New technologies will be the basis for changes affecting users of financial services in the future.
Accessing your account from Facebook and financing being offered at the time you buy a product are some of the innovations that we could be seeing in the coming years in the banking industry.
Monday, October 17, 2011
Salvadoran President Mauricio Funes commented over the decree approved by 853 representatives which amends the Law on the Credit Card System.
A press release from the Presidency of the Republic of El Salvador reads:
Thursday, October 13, 2011
Salvadoran private sector unions have expressed their opposition to state intervention in the market.
The new law, which sets a ceiling on interest rates for credit cards, is deemed to be a hindrance for the country's economy.
Wednesday, October 12, 2011
The Costa Rican Ministry of Economy, Industry and Commerce has released a quarterly survey of credit and debit cards relating to data up to April 2011.
The quarterly survey conducted by the Ministry of Economy, containing data up to April, shows that there are 29 credit card issuers in the country, which together offer the market a total of 369 types of cards.
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