Credit card transaction volume rises 11.3% in March

Friday, May 13, 2011

Credit card transaction volume in Colombia increased to 1.57tn pesos (US$873mn) in March, up 11.3% compared with the same month in 2010, according to the latest figures from financial services regulator Superfinanciera.

The number of transactions rose 5.01% to 7.75mn in the same comparison, and the bulk of the total - 6.65mn - was purchases, while 1.10mn were cash advances.

Credibanco, the local unit of Visa (NYSE: V), surpassed Redeban Multicolor, the local unit of MasterCard (NYSE: MA), as the top company in transaction volume with 772bn pesos, versus the 734bn pesos that Redeban had in March.

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As for debit cards, volume reached 9.62tn pesos in the third month of the year, a 23.9% increase from the same month last year. The number transactions reached 43.3mn, a 5.32% increase.