Economy

Banking in Paraguay barely reaches 39%, says 5dias

MasterCard's Country Manager for Chile and Paraguay said that Paraguay is the furthest behind in Latin America when it comes to cards

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  • In Paraguay there are about 16 brands of cards accepted;
  • Only 10% of the total active electronic payment instruments in Paraguay uses NFC.

Banking in Paraguay barely reaches 39% of the population according to the 5dias media outlet. Credit and debit cards in the country totals 3.4 million, which places Paraguay as the furthest behind in Latin America when it comes to cards, as MasterCard’s Country Manager for Chile and Paraguay, Patricio Sandoval pointed out.

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Sandoval said that out of the total of active electronic payment instruments in the country, only 10% have managed to incorporate contactless payments, using NFC, for instance.

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However, the media outlet also reported that according to data from the Paraguayan Chamber of Payment Methods, in Paraguay there are about 16 brands of cards accepted. Data also indicated that in credit and debit, 86% of Paraguayans use these devices as a payment method and 14% of them use cash.

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