Visa reports 188.6 percent growth in debit cards

The Jakarta Post, Jakarta

Visa International recorded 188.6 percent growth in debit card subscribers in Indonesia last year, with the number of subscribers rising to 6,756,000 from about 3.6 million in 2003.

Visa also reported that last year's debit card volume at merchant points of sale rose 126 percent to over Rp 1.6 trillion (US$167.19 million).

"By the end of last year, Visa had issued more than 10.4 million debit and credit cards. The figure was 75 percent higher that the previous year," said Visa International Indonesia country manager Ellyana Fuad on Friday.

She attributed Visa's debit card growth to the increasing number of merchants accepting the cards and greater public awareness of the benefits of this method of payment.

Visa has a 70 percent share in the payment processing industry nationwide, in collaboration with major vendors Citibank, Bank Mandiri and the Hongkong and Shanghai Banking Corporation (HSBC).

A recent survey by market research company ACNielsen said the number of debit card customers in the country grew by up to 80 percent last year, slightly higher than 2003's 76 percent growth.

Visa has three debit card products, namely Debit Visa, Visa Electron and Visa Prepaid.

"To expand our market this year, Visa plans to launch MyMoneySkills.com, an Indonesian-version financial website to educate both debit and credit card customers about financial planning," said Ellyana, adding that the company will also hold workshops and seminars at universities as part of this education program.

Starting on May 2, Visa International Asia Pacific will broadcast a new commercial starring by Hollywood actress Catherine Zeta-Jones. (001)