COPENHAGEN, Denmark - Visa International announced this month that total volume for Visa consumer debit and prepaid programs, including cash transactions, grew 17 percent in 2006 - hitting U.S. $2.68 trillion from U.S. $2.29 trillion during the same period in 2005. And Visa says debit and prepaid volume now accounts for 60 percent of its total global consumer volume, and more than 67 percent of its total transactions.
Consumer debit and prepaid payments made at the point of sale totaled more than U.S. $1.36 trillion in 2006, a16.3 percent increase from 2005.
Visa says the growth suggests that consumers around the world are increasingly looking to debit and prepaid payment products for convenience, security and flexibility.
Visa's prepaid-loading network in the United States allows users to add value to their Visa prepaid cards at more than 60,000 shopping locations. And Visa says it has supported its member financial institutions in several countries to develop cost-effective prepaid debit solutions to help government agencies move away from inefficient paper-based payments.
New technologies such as the contactless Visa payWave feature also are bringing convenience and speed to payments, Visa says.
"With Visa debit and prepaid programs in more than 160 countries around the world, financial institutions are able to provide not only deposit-account access, but also innovative payment options in areas such as payroll, money transfers, gifts, travel, and benefits disbursements," said Stacey Pinkerd, senior vice president of consumer debit products for Visa USA
A global view
Debit and prepaid volumes increased throughout the world, including continued double-digit growth in more mature debit markets, such as Europe and the United States.
Visa Europe reported debit and prepaid volume that totaled U.S. $1.16 trillion, up 13 percent from 2005. In the United States, that volume totaled U.S. $828 billion, a 14 percent increase.
Other parts of the world saw growth as well.
In Asia-Pacific, Visa reported U.S. $156 billion in debit and prepaid volume, up 31 percent from 2005. In Central and Eastern Europe, the Middle East and Africa, volume was up 40 percent, totaling U.S. $240 billion. Visa LAC (Latin America and the Caribbean) reported U.S. $291 billion in total volume, a 17 percent increase
