Paraguay🇵🇾: Traders complain about constant failures in Bancard's service, the monopoly in the acquiring area

Paraguay🇵🇾: Traders complain about constant failures in Bancard's service, the monopoly in the acquiring area

The lack of healthy competition negatively affects the quality of services offered

➡️ In this regard, the Paraguayan Chamber of Supermarkets (Capasu) points out that the failures in Bancard's service have been recurrent in recent months, causing disruptions, and buyers - both debit and credit cardholders - are increasingly expressing their disappointment.

➡️ It is not surprising that in this situation, Paraguayans are looking with growing interest towards "alternative payments". In 2023, the number of electronic wallet profiles has significantly increased: there are currently around 7 million in Paraguay (this figure exceeds the country's population by 900,000); of these, 2.6 million accounts show regular activity.

➡️ Last year, the fast payments system SPI was implemented by the Central Bank. In November 2023, through SPI, 8.5 million transfers had already been made for nearly 651 million dollars.

➡️ In Paraguay's payment ecosystem, there is still a curious vestige: "checks". For example, in September 2023, 488,768 checks were issued, totaling 7.2 trillion guaraníes. This, of course, is not a remarkable figure, but it is a fact in itself...

...Stay tuned with us!

#news #Paraguay