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MasterCard Reports Continued Growth in Its Payment Programs For Third Quarter, First Nine Months of

Thursday 4 December 2003 09:59 CET | News

MasterCard International has reported the results for its MasterCard, Maestro and Cirrus payment programs, for the three and nine month periods ended September 30, 2003, continued to increase over the previous year.

Highlights of the first nine months of 2003 include: - Cardholders around the globe used MasterCard-branded cards (excluding Cirrus and Maestro online debit activity) for more than 10.8 billion purchase and cash transactions in the first nine months of 2003, generating gross dollar volume (GDV) of $916.9 billion, an increase of 5.8% over the same period in 2002. Third quarter 2003 purchase and cash transactions reached 3.8 billion, generating GDV of $320.5 billion, a 4.5% gain over third quarter 2002; - As of September 30, 2003, MasterCard?s 25,000 member financial institutions around the world had issued nearly 614.8 million MasterCard-branded cards, a 6.1% increase over September 30, 2002; - The value of purchases on MasterCard cards, a significant measure of success, continued to show substantial gains with double-digit growth. Globally, purchase volume (excluding cash transactions) rose 10.1% to $665.6 billion for the first nine months of 2003 compared to the same period in 2002. During the first nine months of 2003, MasterCard-branded cards were used for 9.6 billion purchase transactions. Purchase volume was $235 billion in the third quarter of 2003, an 8.8% increase from the 2002 period, with 3.4 billion transactions recorded. MasterCards continued growth in the first nine months of 2003 was fueled by growth in both credit and debit programs. GDV for worldwide MasterCard credit programs grew 6% to $760.1 billion and GDV for MasterCard off-line debit programs rose 4.4% to $156.8 billion, in each case compared to the first nine months of 2002. Strong Regional Results Strong MasterCard-branded GDV growth was reported for most regions in the first nine months of 2003: U.S. rose 6.4%; Canada, 14.4%; Europe, 13.5%; Latin America, 25.4%; and South Asia, Middle East/Africa, 17.1%. Asia/Pacific reported an 8.9% drop in GDV due to continuing weakness in the payments industry in Korea. In the United States, which accounts for more than half of total GDV, MasterCard-branded cards were used in over 5.4 billion purchase and cash transactions in the first nine months of 2003, generating $467.7 billion in GDV, a 6.4% increase over the same period in 2002. Strong purchase volume growth of 10.2% drove this growth rate with close to five billion purchase transactions. At September 30, 2003, the number of MasterCard cards issued in the United States increased 4% to 322 million. Outstandings, which are the value of balances carried on MasterCard credit cards, stood at $280.4 billion at September 30, 2003, an increase of 3.4% over September 30, 2002. GDV in Europe for MasterCard-branded cards rose 13.5% in the first nine months of 2003, to $227 billion, compared to the same period in 2002. MasterCard-branded card issuance and GDV growth increased 11.7% and 12.3% respectively, for the third quarter of 2003 over the same period last year. The Asia/Pacific region reported MasterCard GDV of $157.9 billion for the first nine months of 2003 and the number of cards issued in the region rose 6.1%, to 118.3 million, compared to the same period in 2002. Third quarter MasterCard GDV in Asia/Pacific was $52.3 billion in 2003, down 10.9% compared to the same quarter in 2002. In Canada, MasterCard GDV rose 14.4% for the first nine months of 2003, and 13.3% for the third quarter of 2003, in each case compared to the same period in 2002. Purchase volume in Canada remained strong in the first nine months of 2003, representing over 83% of GDV in that region. At September 30, 2003, Canadian banks had increased the number of MasterCard cards issued by 11.5% compared to September 30, 2002. Latin America reported a strong 25.4% increase in MasterCard GDV for the first nine months of 2003 compared to the same period in 2002, as the number of MasterCard cards issued in the region at September 30, 2003 incre


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Keywords: ,
Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce