Credit card transaction volume rises 18% in April

Thursday, June 9, 2011

Credit card transaction volume in Colombia increased to 1.52tn pesos (US$856mn) in April, up 18% compared to the same month in 2010, according to the latest figures from financial services regulator Superfinanciera.

The number of transactions rose 13.2% to 7.71mn in the same comparison, and the bulk of the total - 6.68mn - was purchases, while 1.03mn 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 750bn pesos, versus the 704bn pesos that Redeban had in April.

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As for debit cards, volume reached 9.66tn pesos in April, a 39.2% increase from the same month last year. The number of transactions reached 44.1mn, a 19.8% increase, Superfinanciera figures show.