29 Jul '11, 4pm

Debit card growth outpaces credit card

Debit card growth outpaces credit card

SINGAPORE: Cash is still king in Asia with many people still preferring to make payment in hard currency or with the more convenient debit card. VISA, the electronic payment network, said debit cards and pre-paid cards are its fastest growing segment of business. Over the last 12 months, VISA said payment volume generated on its cards increased 13.3 per cent across Asia Pacific to US$929 billion. But while the use of credit cards are on the rise, many still prefer not to shop on credit, hence the rise of the debit card. According to industry observers, growth for debit card usage is outpacing that of credit cards. "Our primary competition is cash. People very often hear VISA and they think credit card. Our fastest growing products in Asia Pacific are debit and pre-paid cards, and tend to be for everyday purchases - people buying fuel, people buying groceries," said Elizabe...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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