Pacificard plans new credit card for April

Monday, January 5, 2004

Ecuadorian credit card company Pacificard plans to launch a new card in April aimed at clients earning around US$300 monthly, local daily Expreso reported.

"It's going to be a new national card that is neither MasterCard nor Visa and we hope to attack low-income segments with it," Pacificard CEO Efrain Vieria was quoted as saying.

Ecuador's bank card industry enters 2004 after their results were buoyed by consumer demand in 2003.

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Pacificard rival Bankard plans to grow its client base from 28,000 to 45,000 by year end and increase billing from US$7mn to US$10mn.