Image via WikipediaMANILA, Philippines – Visa Inc. reported increased card spending throughout the Asia Pacific region.
For the 12 months ended September 30, 2010, payments volume generated on all Visa cards across Asia Pacific reached US$800 billion, an increase of 12.0 percent over the same period last year.
Significantly, the total number of actual payments transactions increased to 10.2 billion, up 11.4 percent from 12 months ago. This increase highlights the continued trend by consumers to use electronic forms of payments rather than cash and checks throughout the region.
Overall, across the Asia Pacific region, both Visa debit and credit products recorded strong growth throughout the year; payments volume for debit increased by 42.9 percent while credit increased by 9.7 percent.
The number of Visa debit cards increased by 15 percent for the year ending September, 2010. This growth figure is a key indicator that more and more people are joining the formal banking system, a sign in turn of improved financial inclusion in developing economies.
http://www.mb.com.ph/node/293099/vi
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