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Bank deleveraging has barely started

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Skip Navigation LinksHome :: Markets/asset classes :: Credit markets :: Use of payment cards grows 7.2% y/y as of end-June.

Tuesday, September 2, 2008

Use of payment cards grows 7.2% y/y as of end-June.





Use of payment cards grows 7.2% y/y as of end-June. The bankcards association SBK estimates that the number of active cards serviced in the country increased by 7.2% y/y to 8.846mn as of the end of June or about 85% of the population. The usage of credit cards surged at a quicker pace of 20.5% to 1.259mn for the same period but the market remained strongly exposed to deposit or hybrid instruments accounting for 81.8% of all payment and cash drawing cards. The value of card payment transactions, including on ATMs, expanded by 12.1% y/y to CZK 195.3bn (EUR 8.2bn) in H1. The value cash withdrawals accounted for the bulk of payment transactions (76%) and increased by 6.8% y/y. The number of cash withdrawing machines (ATMs) increased by 4.5% y/y to 3,413 as of end-June. Visa International remains the most popular brand name with a market share of about 62.7% comprising 4.547mn cards traded as Visa Electron and 0.998mn traded as Visa. MasterCard is second in the ranking with a market share of 31.7% generated by three product lines – Maestro, MasterCard, and MasterCard Electronic.







Obviously the hedge fund sector is small compared with the investment banking institutional side, so it can’t absorb all those bodies hitting the pavement

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