Visa debit cards hit 100 million

The Latin American and Caribbean operations of Visa International saw the number of debit cards in circulation surpass the 100 million mark for the fiscal year ended September 2003, a 13% increase compared to the previous 12 months. "Today, debit cards account for three-fourths of Visa's total card portfolio in the region and continue to experience rapid growth at the point-of-sale," Visa International president for the region Eduardo Erana said in a statement. The purchase volume with Visa debit cards grew 23% year-over-year to surpass US$10bn. During the same period, Visa debit transactions at the point-of-sale increased 42% to 537 million. According to The Nilson Report, Visa Electron is the largest debit card brand in Latin America, with a 71% market share in terms of purchase transactions. Overall, the number of Visa cards in the region - including credit, debit, commercial, pre-paid and smart cards - increased 9% to 143 million for the 12-month period ending September 2003. The number of transactions grew 17% to 3.4 billion. Purchase volume includes all spending for goods, services and sales via the internet, mail order, telemarketing and all other forms of direct marketing, and excludes cash advances and withdrawals.