Card spending up 3.3% in May, climbs 23.9% y-o-y

- Thursday, June 30, 2011

Card spending up 3.3% in May, climbs 23.9% y-o-y

Credit card spending in Peru reached 12.1bn soles (US$4.38bn) in May, up 3.3% from April and 23.9% year-on-year, according to the latest figures from local banking association Asbanc.

There were 6.47mn credit cards in circulation by the end of the month, up 1.2% on April and 6.3% compared to May 2010.

"The growth in credit card usage is in line with the steady expansion of banking services among the least-served sections of society," Asbanc said.

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Consumer purchases accounted for 78.2% of credit card spending. Small firms were the second largest card users, representing 16.3% of card spending.