Visa card spending reached $1 trillion in
Asia-Pacific in the 12 months to March, a 13.2 percent increase
year-on-year.

The number of payment transactions rose to 9.8
billion, up from 8.6 billion, while payment volume,
representing the aggregate dollar amount of purchases made with
cards carrying the Visa, Visa Electron or Interlink brands,
increased 10.2 percent to $738 billion in the same period.

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“The headwinds that many economies in
Asia-Pacific were facing twelve months ago have abated over the
last 12 months to the point where we are seeing solid payments
growth across the region,” said Elizabeth Buse, group executive,
Visa International. “In particular, the Southeast Asian economies
of Indonesia, Malaysia, Singapore and Thailand have delivered
robust growth, as consumers spend more on their Visa cards.

“Beyond volume growth, the increasing number
of transactions across the region reflects the global trend of an
increasing proportion of transactions taking place using electronic
forms at the cost of cash and paper payments. This trend makes it
critical that infrastructure in both developed and developing
economies can support the demand of business and consumers
domestically and internationally.”

Cross-border volumes also increased with
figures showing a 12 percent rise on a constant dollar basis for
the three months ending March this year. Buse claims that this
indicates the beginnings of a recovery in outbound global travel as
consumers start to feel more confident in their economic
circumstances.

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