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Credit and debit cards on the rise amid dwindling mobile payments

Tuesday 09 de May 2023 / 12:00

⏱ 1 min read

(Macau).- The Monetary Authority of Macao has released statistics today that indicate an 1.3 percent increase in the total number of personal credit cards and debit cards issued by banks in Macau during the first quarter of 2023.

Credit and debit cards on the rise amid dwindling mobile payments

Both credit card and debit card turnover experienced quarter-to-quarter growth. However, the number and value of transactions of local mobile payment devices fell on a quarterly basis.

According to the authorities, the total number of personal credit cards issued by banks in Macau reached 1,724,841 at the end of March 2023, up by 1.3 per cent from the previous quarter.

The total number of debit cards issued by local banks also rose by 2.2 per cent quarter-on-quarter to 2,156,407.

Credit granted by banks reached some MOP49.5 billion (US$6.13 billion) at the end of March 2023, up 1.7 per cent from the end of 2022. Meanwhile, credit card receivables amounted to MOP2.5 billion, with rollover totaling MOP746.9 million, accounting for 30 per cent of the receivables.

Credit card turnover for the first quarter of 2023 totaled MOP5.5 billion, showing an increase of 10.9 per cent from the previous quarter. Credit card repayments, including payments for interest and associated fees, also rose by 3.5 per cent quarter-on-quarter to MOP5.5 billion.

However, the number of transactions carried out by local mobile payment tools decreased by 4.3 per cent from the previous quarter to 69.6 million in the first quarter of 2023, with those transactions down 1.4 per cent to MOP7.2 billion.

Categoría:Others

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País: Macao

Región: Asia