2019 Market Size/Share Results

Peru: Forecast Industry Growth

Sizing Value
in billions, local currency
Category - Open Loop 2017 2018 2019F 2020F 2021F 2022F 2023F 2024F 2025F
Consumer Credit Purchase (1) 25.63 29.67 35.30 42.08 50.29 60.34 72.71 87.98 106.90
Consumer Debit Purchase 18.24 23.32 30.20 39.17 50.92 66.81 87.79 115.44 151.93
Commerical Purchase 2.42 2.63 2.95 3.46 4.14 5.05 6.19 7.59 9.32
Commercial Charge/Credit Purchase 2.38 2.59 2.90 3.41 4.09 5.00 6.13 7.53 9.26
Commercial Debit Purchase 0.04 0.04 0.05 0.05 0.05 0.05 0.06 0.06 0.06
Prepaid 0.85 0.88 1.19 1.63 2.29 3.21 4.61 6.71 9.92
Open-prepaid Purchase 0.71 0.70 0.92 1.24 1.71 2.36 3.33 4.76 6.90
Open-prepaid Cash 0.14 0.19 0.27 0.39 0.58 0.85 1.28 1.96 3.02
TOTAL 47.14 56.50 69.64 86.34 107.63 135.42 171.30 217.73 278.07

CAGR 2020-
Category - Open Loop Unit 2018 (%) 2019 (%) 2020 (%) 2021 (%) 2022 (%) 2023 (%) 2024 (%) 2025 (%)
2025 (%)
Consumer Credit Purchase (1) % Growth 15.8% 19.0% 19.2% 19.5% 20.0% 20.5% 21.0% 21.5% 20.5%
Consumer Debit Purchase % Growth 27.8% 29.5% 29.7% 30.0% 31.2% 31.4% 31.5% 31.6% 31.1%
Commerical Purchase % Growth 8.7% 11.9% 17.3% 19.8% 22.1% 22.4% 22.6% 22.9% 22.0%
Commercial Charge/Credit Purchase % Growth 8.8% 12.0% 17.5% 20.0% 22.3% 22.6% 22.8% 23.0% 22.1%
Commercial Debit Purchase % Growth 4.5% 4.6% 4.8% 5.0% 5.1% 5.2% 5.3% 5.4% 5.2%
Prepaid % Growth 3.7% 34.2% 37.3% 40.4% 40.5% 43.6% 45.7% 47.7% 43.5%
Open-prepaid Purchase % Growth -2.0% 32.0% 35.0% 38.0% 38.0% 41.0% 43.0% 45.0% 41.0%
Open-prepaid Cash % Growth 32.3% 42.6% 45.3% 48.2% 47.8% 50.7% 52.5% 54.4% 50.7%
TOTAL % Growth 19.9% 23.2% 24.0% 24.7% 25.8% 26.5% 27.1% 27.7% 26.4%

Notes :
(1) : Consumer Credit includes Credit and Charge

Forecast Trends
in billions, local currency
Category 2017 2018 2019F 2020F 2021F 2022F 2023F 2024F 2025F
Nominal PCE 457.44 481.27 518.73 550.25 584.46 621.73 661.40 701.86 742.45
(5)
Total consumer products 44.58 53.68 66.42 82.49 102.92 129.51 163.83 208.19 265.72

CAGR 2020-
Category Unit 2018 (%) 2019 (%) 2020 (%) 2021 (%) 2022 (%) 2023 (%) 2024 (%) 2025 (%)
2025 (%)
Nominal PCE % Growth 5.2% 7.8% 6.1% 6.2% 6.4% 6.4% 6.1% 5.8% 6.2%
(5)
Total consumer products % Growth 20.4% 23.7% 24.2% 24.8% 25.8% 26.5% 27.1% 27.6% 26.4%
Secular card growth (6) % Growth 15.2% 15.9% 18.1% 18.5% 19.5% 20.1% 21.0% 21.9%
Card penetration in PCE (7) % 11.2% 12.8% 15.0% 17.6% 20.8% 24.8% 29.7% 35.8%
(5) : Total Consumer equals sum of Consumer Credit Purchase, Consumer Debit Purchase, and Prepaid Purchase. Does NOT include Prepaid Cash.
(6) : Secular card growth calculated as Total Consumer Product Growth minus Nominal PCE Growth
(7) : Card Penetration in PCE is calculated as Total Consumer Product divided by Nominal PCE

Category 2017 2018 2019F 2020F 2021F 2022F 2023F 2024F 2025F
Nominal GDP 699.20 741.72 799.46 850.58 904.37 963.00 1,025.48 1,090.38 1,155.76
Commercial 2.42 2.63 2.95 3.46 4.14 5.05 6.19 7.59 9.3

CAGR 2020-
Category Unit 2018 (%) 2019 (%) 2020 (%) 2021 (%) 2022 (%) 2023 (%) 2024 (%) 2025 (%)
2025 (%)
Nominal GDP % Growth 6.1% 7.8% 6.4% 6.3% 6.5% 6.5% 6.3% 6.0% 6.3%
Commercial % Growth 8.7% 11.9% 17.3% 19.8% 22.1% 22.4% 22.6% 22.9% 22.0%
(8)
Commercial Secular card growth % Growth 2.6% 4.1% 10.9% 13.5% 15.6% 15.9% 16.3% 16.9%
(8) : Commercial Secular card growth calculated as Total Commercial Purchase Growth minus Nominal GDP Growth

Source: Oxford Economics for Nominal PCE and Nominal GDP

9/6/2019 Page 1 of 4
 2019 Market Size/Share Results

Peru: Industry Transactions

Transactions
in millions
Category - Open Loop 2017 2018 2019F 2020F 2021F 2022F 2023F 2024F 2025F
(1)
Consumer Credit Purchase 140.96 174.75 202.72 233.12 266.93 304.30 345.38 390.27 439.06
Consumer Debit Purchase 204.81 277.53 362.17 473.36 620.10 819.77 1,085.38 1,438.13 1,906.95
(2)
Commerical Purchase 4.58 5.20 5.84 6.84 8.16 9.91 12.03 14.66 17.92
Prepaid 11.44 10.43 14.01 19.23 26.80 37.34 52.44 73.72 103.73
Open-prepaid Purchase 11.08 9.97 13.36 18.30 25.44 35.36 49.50 69.30 97.02
Open-prepaid Cash 0.37 0.46 0.65 0.93 1.36 1.98 2.94 4.42 6.71
TOTAL 361.80 467.91 584.74 732.55 921.99 1,171.31 1,495.23 1,916.78 2,467.66

CAGR 2020-
Category - Open Loop Unit 2018 (%) 2019 (%) 2020 (%) 2021 (%) 2022 (%) 2023 (%) 2024 (%) 2025 (%)
2025 (%)
Consumer Credit Purchase (1) % Growth 24.0% 16.0% 15.0% 14.5% 14.0% 13.5% 13.0% 12.5% 13.5%
Consumer Debit Purchase % Growth 35.5% 30.5% 30.7% 31.0% 32.2% 32.4% 32.5% 32.6% 32.1%
(2)
Commerical Purchase 13.4% 12.4% 17.0% 19.4% 21.3% 21.5% 21.9% 22.2% 21.2%
Prepaid % Growth -8.8% 34.3% 37.3% 39.3% 39.3% 40.5% 40.6% 40.7% 40.1%
Open-prepaid Purchase % Growth -10.0% 34.0% 37.0% 39.0% 39.0% 40.0% 40.0% 40.0% 39.6%
Open-prepaid Cash % Growth 26.0% 40.3% 43.3% 46.1% 45.7% 48.6% 50.1% 52.0% 48.5%
TOTAL % Growth 29.3% 25.0% 25.3% 25.9% 27.0% 27.7% 28.2% 28.7% 27.5%

Cards
in millions
Category - Open Loop 2017 2018 2019F 2020F 2021F 2022F 2023F 2024F 2025F
(1)
Consumer Credit 7.36 7.88 8.43 9.00 9.56 10.11 10.67 11.22 11.78
Consumer Debit 26.88 29.58 32.09 34.50 36.91 39.39 41.87 44.30 46.60
(2)
Commercial 0.16 0.16 0.17 0.18 0.19 0.20 0.21 0.22 0.23
Open Prepaid Total 1.34 1.81 2.35 2.96 3.55 4.15 4.78 5.40 6.10
Other ATM - - - - - - - - -
Total Open Loop 35.73 39.43 43.05 46.64 50.21 53.85 57.52 61.14 64.72

CAGR 2020-
Category - Open Loop Unit 2018 (%) 2019 (%) 2020 (%) 2021 (%) 2022 (%) 2023 (%) 2024 (%) 2025 (%)
2025 (%)
Consumer Credit (1) % Growth 7.1% 7.0% 6.7% 6.2% 5.8% 5.5% 5.2% 5.0% 5.5%
Consumer Debit % Growth 10.1% 8.5% 7.5% 7.0% 6.7% 6.3% 5.8% 5.2% 6.2%
Commercial (2) % Growth 3.8% 4.2% 4.5% 4.7% 5.1% 5.3% 5.5% 5.7% 5.3%
Open Prepaid Total % Growth 35.0% 30.0% 26.0% 20.0% 17.0% 15.0% 13.0% 13.0% 15.6%
Other ATM % Growth -
Total Open Loop % Growth 10.4% 9.2% 8.3% 7.7% 7.3% 6.8% 6.3% 5.9% 6.8%

Notes :
(1) : Consumer Credit includes Credit and Charge
(2) : Commercial includes Commercial Debit, Commercial Credit, Commercial Charge

9/6/2019 Page 2 of 4
 2019 Market Size/Share Results

Peru Share:
Sizing
in billions, Local Currency
Category - Open Loop Total Consumer Credit Purchase Consumer Debit Purchase Commercial Purchase Commercial Credit Commmercial Debit Prepaid GDV
2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018
MasterCard 6.52 7.15 4.91 5.41 1.27 1.40 0.02 0.02 0.02 0.02 - - 0.32 0.31
Visa 36.82 45.05 16.91 19.95 16.97 21.92 2.40 2.61 2.36 2.57 0.04 0.04 0.53 0.57
American Express 2.80 3.20 2.80 3.20 - - - - - - - - - -
Discover/Diners 1.00 1.10 1.00 1.10 - - - - - - - - - -
China UnionPay - - - - - - - - - - - - - -
JCB - - - - - - - - - - - - - -
Others - - - - - - - - - - - - - -
Total 47.14 56.50 25.63 29.67 18.24 23.32 2.42 2.63 2.38 2.59 0.04 0.04 0.85 0.88

Share in %
Category - Open Loop Total Consumer Credit Purchase Consumer Debit Purchase Commercial Purchase Commercial Credit Commmercial Debit Prepaid GDV
2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018
MasterCard 13.8% 12.7% 19.2% 18.2% 7.0% 6.0% 0.9% 0.8% 0.9% 0.8% 0.0% 0.0% 37.7% 35.4%
Visa 78.1% 79.7% 66.0% 67.3% 93.0% 94.0% 99.1% 99.2% 99.1% 99.2% 100.0% 100.0% 62.3% 64.6%
American Express 5.9% 5.7% 10.9% 10.8% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Discover/Diners 2.1% 1.9% 3.9% 3.7% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
China UnionPay 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
JCB 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Others 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Number of Cards
Sizing
in millions
Category - Open Loop Total Consumer Credit Consumer Debit Commercial Commercial Credit Commmercial Debit Prepaid
2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018
MasterCard 5.8 6.3 2.4 2.4 3.2 3.6 0.0 0.0 0.0 0.0 - - 0.2 0.3
Visa 29.4 32.5 4.5 4.8 23.7 25.9 0.2 0.2 0.1 0.1 0.0 0.0 1.1 1.5
American Express 0.3 0.4 0.3 0.4 - - - - - - - - - -
Discover/Diners 0.2 0.3 0.2 0.3 - - - - - - - - - -
China UnionPay - - - - - - - - - - - - - -
JCB - - - - - - - - - - - - - -
Others - - - - - - - - - - - - - -
Total 35.7 39.4 7.4 7.9 26.9 29.6 0.2 0.2 0.1 0.1 0.0 0.0 1.3 1.8

Share in %
Category - Open Loop Total Consumer Credit Consumer Debit Commercial Commercial Credit Commmercial Debit Prepaid
2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018
MasterCard 16.2% 16.0% 32.2% 30.4% 11.9% 12.3% 0.4% 0.3% 0.5% 0.4% 0.0% 0.0% 17.7% 15.9%
Visa 82.3% 82.4% 60.7% 61.5% 88.1% 87.7% 99.6% 99.7% 99.5% 99.6% 100.0% 100.0% 82.3% 84.1%
American Express 0.9% 0.9% 4.3% 4.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Discover/Diners 0.6% 0.7% 2.8% 3.7% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
China UnionPay 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
JCB 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Others 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

9/6/2019 Page 3 of 4
 2019 Market Size/Share Results

Peru: Current vs. Previous Market Size & Growth

Local Currency (Billions) Calculated Growth LC

2017 2018 2019F 2020F 2021F 2022F 2023F 2024F 2018 2019F 2020F 2021F 2022F 2023F 2024F
Consumer Credit Current 25.6 29.7 35.3 42.1 50.3 60.3 72.7 88.0 15.8% 19.0% 19.2% 19.5% 20.0% 20.5% 21.0%
Purchase Volume (2) Previous 25.6 26.7 27.8 29.0 30.3 31.7 33.2 34.8 4.0% 4.3% 4.4% 4.5% 4.6% 4.8% 4.9%

Consumer Debit Current 18.2 23.3 30.2 39.2 50.9 66.8 87.8 115.4 27.8% 29.5% 29.7% 30.0% 31.2% 31.4% 31.5%
Purchase Volume Previous 18.2 21.0 24.1 27.7 31.7 36.3 41.4 47.0 15.0% 14.9% 14.8% 14.7% 14.5% 13.9% 13.7%

Commercial Current 2.4 2.6 2.9 3.5 4.1 5.1 6.2 7.6 8.7% 11.9% 17.3% 19.8% 22.1% 22.4% 22.6%
Purchase Volume (1) Previous 2.4 2.6 2.8 3.0 3.2 3.5 3.8 4.2 6.8% 7.3% 7.8% 8.3% 8.6% 8.8% 8.8%

Current 0.9 0.9 1.2 1.6 2.3 3.2 4.6 6.7 3.7% 34.2% 37.3% 40.4% 40.5% 43.6% 45.7%
Prepaid GDV
Previous 0.9 1.0 1.2 1.4 1.6 1.9 2.2 2.6 16.7% 17.0% 17.2% 17.3% 17.4% 17.8% 18.0%

Current 47.1 56.5 69.6 86.3 107.6 135.4 171.3 217.7 19.9% 23.2% 24.0% 24.7% 25.8% 26.5% 27.1%
Total Products
Previous 47.1 51.2 55.8 61.0 66.9 73.4 80.6 88.7 8.6% 9.0% 9.3% 9.6% 9.8% 9.8% 10.0%

Notes :
(1) : Commercial includes Commercial Debit, Commercial Credit, Commercial Charge
(2) : Consumer Credit includes Credit and Charge

Peru: Mastercard Reported Volume

Growth Trend
Category - Open Loop 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2

Consumer Credit Purchase 7.7% 12.2% 8.1% 12.3% 13.6% 3.0%

Consumer Debit Purchase 4.3% 12.2% 10.8% 15.7% 17.1% 13.9%
Commerical Purchase -1.2% 8.6% 14.4% -16.7% -11.9% -22.4%
Commercial Charge/Credit Purchase -1.2% 8.6% 14.4% -16.7% -11.9% -22.4%
Commercial Debit Purchase 0 0 0 0 0 0
Prepaid -1.0% -5.1% -9.8% 4.8% 9.9% 17.8%
Open-prepaid Purchase -2.6% -5.7% -17.2% -7.0% -10.0% -6.9%
Open-prepaid Cash 8.3% -2.5% 24.8% 65.8% 109.2% 130.3%

9/6/2019 Page 4 of 4