Total consumer and small business spending and cash disbursements with Visa cards in the Asia-Pacific region totaled US$1 trillion during the 12 months ended March 31, up 13.2% from US$883.4 billion during the previous year-long period, according to Visa Inc.
Purchase-transaction volume rose 14%, to 9.8 billion from 8.6 billion, as more consumers moved to using electronic forms of payment instead of cash and checks, Visa noted in a statement. Consumer purchase spending with Visa, Electron and Interlink cards rose 10.2%, to US$738 billion from US$670 billion.
The strong growth in total volume and transaction volume were positive signs that businesses and consumers in Asia Pacific are spending more Elizabeth Buse, Visa group executive, international, said in the statement.
“The headwinds that many economies in Asia Pacific were facing 12 months ago have abated over the last 12 months to the point where we are seeing solid payments growth across the region,” she said. “In particular, the Southeast Asian economies of Indonesia, Malaysia, Singapore and Thailand have delivered robust growth, as consumers spend more on their Visa cards.”