The revenue of Brazil's credit card industry grew to 19.8 billion reais (9 billion U.S. dollars) in October, up 21.3 percent from the same period last year, the Brazilian Association of Credit Card Companies (Abecs) said Tuesday.
The highest increases in revenues were registered in the northern region, with 23.4 percent, and in the midwestern region, with 22.5 percent.
The results showed that Brazilians kept consuming despite the international financial crisis. Itaucard, one of the major credit card companies in Brazil, also said the crisis has yet to affect the credit card industry.
The Abecs attributed the sector's increasing revenue to a rise in the number of credit cards in the market, as well as greater spending in each purchase.
The growing replacement of other payment methods, such as paying by check, with more shops accepting credit cards, also contributed to the rising revenue, the Abecs said.
The number of credit cards in Brazil reached 107.3 million in October, up 18.6 percent from the same period last year. Credit card transactions totaled 256 million, up 19.6 percent from October in 2007, and the average amount per transaction increased 1.57 percent, reaching 77.5 reais (35.2 dollars).
Source: Xinhua
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