GCP launches credit card in Panamanian market

It is an automobile card offered by Grupo Corporativo Perez (GCP) which is made up of the following companies: Ricardo Pérez, Tambor S.A., Seguros Centralizados and Tofis.

Wednesday, September 17, 2008

The card, which is already available in the market, will be issued by Credomatic and will be backed by MasterCard.
Estela Ford, general manager of GCP's Strategic Unit, explained that the purpose of the initiative is to maintain customer loyalty.

More on this topic

Increased Number of Credit Cards in Panama

June 2013

In late May there were 673,590 active credit cards, while in the same period in 2012 there were 609,357.

The balance of active cards also showed an increase of 17% compared with May 2012, according to a Panamanian Credit Association (CPA). "The balance went from $1.1114 billion to $1.3008 billion in May 2013, which represents 3.8% of total credit balances reported in the database", reported Elsiglo.com.

Credit Cards with Lower Growth in Costa Rica

March 2009

The balance of credit cards increased by 44% in 2008 but it is only expected to grow by half in 2009.

The different credit card companies are preparing for a year of lower growth relative to 2008.

According to the article in elfinancierocr.com, the economic crisis and unemployment have led issuers to take steps to avoid increases in delinquencies, which include: "Being more careful in issuing new cards, tightening the analysis of the customer's capacity to pay, offering to buy credit card balances, making payment arrangements, agreeing to raise the minimum earning level and lowering the amount of indebtedness."

MasterCard bets on prepayments

July 2008

MasterCard is betting on the development of prepaid cards not just in Panama but in all of Latin America.

Credit and debit cards have been popular in Panama's market, where most of the population has access to banking services.
The director of sales and product delivery for MasterCard, Max Chion, says there's a long road to travel in the development of new products for the mass market.

Costa Rica shows credit card potential

June 2008

Mastercard's vice president of Marketing for Central America says Costa Rica is one of the best potential markets for development of his product.

"It's an emerging market and so the possibilities of development and growth are very big," he said.

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