Credit card transaction volume rises 17.3% in July

Tuesday, September 20, 2011

Credit card transaction volume in Colombia increased to 2tn pesos (US$1.09bn) in July, up 17.3% compared to the same month in 2010, according to the latest figures from financial services regulator Superfinanciera.

The number of transactions rose 11.4% to 9.29mn in the same comparison, and the bulk of the total - 8.01mn - were purchases, while 1.27mn were cash advances.

Credibanco, the local unit of Visa (NYSE: V), surpassed Redeban Multicolor, the local unit of MasterCard (NYSE: MA), as top company in transaction volume with 1.04tn pesos in July, versus Redeban's 890bn pesos.

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As for debit cards, volume reached 11.4tn pesos in July, a 29.4% increase from the same month last year. The number of transactions reached 50.3mn, a 13.8% increase, Superfinanciera figures show.