Credit card company Visa on Monday said commercial programs of financial institutions face a rosy outlook after global commercial spending in 2011 grew 12 percent to $109.1 trillion from $97.4 trillion in 2010.
“Underneath this growth lies a clear opportunity for financial institutions to optimize their commercial card programs to capture more spend with electronic payments and ultimately better meet the
needs of their commercial and government clients,” Iain Jamieson, Visa country manager for Guam and the Philippines, said in a statement, citing latest available data.
It was also the first time since Visa created the Commercial Consumption Expenditure (CCE) index in 2004 that this spending surpassed $100 trillion.
In its recently released annual CCE index, Visa said the Asia-Pacific region, with its growing economies, had the largest share of global CCE spend, followed by Europe, United States, Central/Eastern Europe, Middle East and Africa, Latin America/Caribbean, and Canada.
“Strong growth that has been fueling the Asia-Pacific economies over the past few years is now being reflected as part of commercial spend which has already outpaced Europe and USA,” said Jamieson.
Asia Pacific’s spending share surpassed Europe’s for the second consecutive year in the 2011 index.
The strongest year-over-year growth rates came from Latin America/Caribbean region at 19.4 percent, followed by Central/Eastern Europe, Middle East Africa region at 17.4 percent, and Asia Pacific region at 14.9 percent.
The Visa CCE annual report provides standardized tracking of business and government spending globally and is recognized as an industry benchmark for measuring commercial spending.
It captures business-to-business purchases to acquire goods and services used in production, wholesale and retail purchases of final goods, business capital expenditures, and government spending on
goods and services.
Visa is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable digital currency. — VS, GMA News
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