Visa reports 188.6 percent growth in debit cards

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)