Debit Card Usage in Phillipines Increasing, Said Visa

by Mercator Advisory Group 0

Debit card usage grew by 58 percent in the last quarter of 2010, according to Visa.

Pegging the amount Filipinos spent during the fourth quarter of 2010 to US$1 billion, the country manager said that majority of the spending was done through merchants (73.7 per cent) while 15 per cent were overseas transactions, and 11.3 per cent made online, Jamieson said. He also predicted that there will be a shift to online purchasing, given the increase in transactions made online during the fourth quarter in 2010.

Debit cards have become more popular in the past three years as banks around the world tightened up their credit card control.

According to Visa, Philippine residents swiped their Visa cards 32 percent more during that period as well.

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