Between July and October 2020, the number of people in El Salvador exploring mortgage options online increased by 18%, and the number of Costa Rican consumers looking to buy credit cards decreased by 60%.
CentralAmericaData's interactive platform Consumer Insights monitors in real time the changes in consumer habits in all markets in the region and in other Latin American countries, with fundamental information to understand their behavior, new trends and anticipate eventual changes in their purchase patterns.
In the last few months, interest in credit cards has been increasing in the digital environment, a rise that is mainly explained by the behavior of consumers in Panama, Honduras, El Salvador and Costa Rica.
Through a system monitoring changes in consumer interests and preferences in Central American countries in real time, developed by CentralAmericaData, it is possible to project short and long term demand trends for the different products, sectors and markets operating in the region.
In the countries of the region, more than 8 million people are looking for credit on the Internet. Of this group of consumers, approximately 9% explore options for taking out a student loan.
The interactive information system developed by CentralAmericaData monitors in real time the changes in consumer habits in all markets of the region, with fundamental information to understand the new commercial environment that has emerged in an accelerated manner.
At a regional level, nearly 16 million people are looking to purchase financial services online. Of this group of consumers, approximately 11% are exploring options for acquiring a credit card.
The interactive information system developed by CentralAmericaData, monitors in real time the changes in consumer habits in all markets of the region, with fundamental information to understand the new commercial environment that has emerged in an accelerated manner.
Last December 2, the new Credit Card Law proposal received a favorable opinion from the Economy Commission of the Guatemalan Congress, and now it should be discussed in the plenary session.
Implementing a mixed system of interest rates composed of a fixed one with a contract for a determined time and another variable agreed between the account holder and the issuer, is one of the proposals that are discussed in the Congress of Guatemala.
The proposal for two interest rates was presented by the Instituto de Investigación y Proyección sobre Economía y Sociedad Plural (Idies), before the Congressional Economic Commission, in charge of discussing the proposals for changes to Credit Card Law 5544.
Regarding the new bill presented to Congress at the beginning of 2019, the Superintendence of Banks is of the opinion that the interest rate should not be limited.
The Credit Card Law came into force on March 8, 2016, but was suspended at the end of the same month, after business chambers, card issuers and the Bank of Guatemala filed legal appeals before the Constitutional Court (CC).
Limiting the fees charged in Costa Rica and establishing a law that defines market limits in Guatemala are part of the attempts being made in the region to regulate the use of credit cards.
A law proposal presented last January before the Legislative Assembly of Costa Rica, aims to regulate the percentage of the commission paid by businesses for credit or debit cards.
After the law seeking to regulate the credit card market in Guatemala was declared unconstitutional, a new proposal was presented.
The Credit Card Law that was declared unconstitutional at the beginning of 2019, entered into force on March 8, 2016, however, after the business chambers, card issuers and the Bank of Guatemala filed legal appeals before the Constitutional Court (CC), was suspended on March 31 of that year.
At the end of last year, the credit portfolio destined for consumption through cards in Guatemala totaled $1.464 million, 12% more than the figure reported at the end of 2017.
Data from the Superintendence of Banks (SIB) specify that in 2018 loans with credit cards represented 6% of the overall portfolio, which totaled $23.782 million.
Regarding the behavior of credit at a general level, Elperiodico.com.gt reports that "...
After 14 appeals filed, the Guatemalan Constitutional Court declared unconstitutional the law that attempted to regulate the credit card market in the country.
The Credit Card Law became effective on March 8th, 2016, however, after the business chambers, card issuers and the Bank of Guatemala filed legal appeals before the Constitutional Court (CC), it was provisionally suspended on March 31st of the same year.
In the first half of 2014 ATMs will be adapted to the new technology which was first incorporated in the country in October last year.
S21.com.gt reports: "After various issuers of credit and debit cards began incorporating the chip to improve safety and avoid credit card cloning, the banking system needs to work on changing ATM's so that they can read these new cards".
An announcement has been made for another bill regulating the contractual relationship between issuers of credit cards and users.
Deputy Ronald Arango announced at a press conference an initiative to regulate the charges made by companies to cardholders.
Prensalibre.com reports that the bill states that "there must be a free agreement between the card issuer and the account holder, but sometimes companies add more charges which end up doubling or tripling the interest rate. "
In the Guatemalan Congress of a favorable opinion was cast on an initiative to regulate the operation of the credit cards and the relationships between issuers, operators and affiliate cardholders.
Posted by the Congress of the Republic of Guatemala:
At a press conference, the president of the Committee on Economy, deputy Emmanuel Seidner, announced that an initiative was presented to Legislative assembly to approve the Credit Card Act, which aims to regulate the operation of credit cards and the relationships between issuers, operators and affiliate cardholders.
Total online purchases made in 2012, which exceeded 500,000 transactions, were up 7% on those registered in 2011.
Courier companies were surprised by the figures, which exceeded their expectations. "The market is healthy and growing each year," said Jorge Gomez, General Manager of TransExpress.
"According to Gomez, 2012 showed an annual growth of 17%, compared to the more than 400,000 transactions recorded in 2011, but the biggest move of the year came during the last week of November with Black Friday (last 23 November), and continued throughout December, peaking right at the end of the year.