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Visa credit card issuance up 42 pc in India

Our Bureau

Bangalore , Oct. 19

VISA International has reported a 42-per cent increase in credit card issuance, making India one of the fastest growing markets in the Asia-Pacific region.

Briefing reporters here today, the Visa Country Manager, Mr Santanu Mukherjee, said the total cards issued in the country were 30 million till June.

Of these, nine million were credit and 21 million debit cards. This gave it a market share of 70 per cent, he said.

Visa's retail sales volume or spending at point sale was $3.8 billion for the 12 months ended June this year, representing a 66-per cent year-on-year growth, said Mr Mukherjee.

Card sales volumes that included cash withdrawals at automatic teller machines was $23.8 billion or a growth of 76 per cent.

He said the number of electronic points of sale terminal installed in the country was about 1.3 lakh.

As the number of installations increased, Visa hoped to roll out new payment solution products in the country.

This would be in addition to the payment solutions it already has through Visa Bill Pay and Visa Money Transfers, he added.

One such solution designed in association with Airtel and ICICI bank will allow customers to make electronically active payments through their mobile telephones.

India is the first country in Asia where such a product is being launched.

This payment solution is operational in Mumbai and Delhi, said Mr Mukherjee.

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