São Paulo – The Brazilian credit card market should generate a turnover of of 19.9 billion reals (US$ 9.1 billion) this month, growth of 21.8% in comparison with October last year. The estimate was obtained from the survey Market Indicators for Electronic Payment, discosed yesterday (07) by Itaucard, the card manager company of bank Itaú, one of the three largest in the country.
The number of transactions using cards should reach 253 million by the end of the month, representing an increase of 18.09% over October 2007, according to the survey. Average purchase value should be 78.68 reals (US$ 36.14) and, according to the Itaucard, the average is expected to grow in the next two months as a result of year-end parties.
The number of cards circulating this month should total 106.7 million units, 17.9% more than in October last year. By the end of the year, the figure should rise to 110 million, 17.1 million more than in late 2007. For the sake of illustration, according to the Itaucard, the latter figure is equivalent to the total number of cards circulating in the country 10 years ago.
In the accumulated result for the year so far, from January to October, purchases using cards total 177.4 billion reals (US$ 53.9 billion), in 2,298 billion transactions. By the end of the year, Itaucard is expecting a turnover of 223.5 billion reals (US$ 102.6 billion), representing growth of more than 22% over 2007, totalling 2.843 billion transactions, 450 million more than last year. The latter figure is equivalent to nearly the total number of transactions carried out in 1998.
“The good performance of the credit card industry shows that the sector was able to channel the needs of its clients, becoming ever more present in everyday life. Improvement in the living conditions of Brazilians are turning cards more and more into an important ally when it comes to financial planning,” stated the Marketing director at Itaú, Fernando Chacon, according to a release issued by the institution.
*Translated by Gabriel Pomerancblum
