Barbadian consumers contributed to a surge in spending via their use of debit cards, credit cards and other platforms of global digital payments company Visa during the recent festive shopping season.
This is according to recent information shared by Visa Consulting & Analytics (VCA), which reported that “Visa transactions during December 2024 in Latin America and the Caribbean across all forms of Visa payments increased more than ten per cent year-over-year”.
VCA data showed that “out of total transactions in the region during December 2024, in store shopping transactions registered close to a ten per cent growth compared to the same period in 2023, showing the in-store experience remains important for consumers”.
In addition, Visa said that online transactions continued its steady rise with more than 15 per cent growth compared to December 2023, emphasizing the convenience and appeal of digital platforms for holiday shoppers.
The analysis included transaction information from Barbados, The Bahamas, Jamaica, Trinidad and Tobago, Dominican Republic, and Puerto Rico in the Caribbean. It also covered data from Brazil, Chile, Argentina, Peru, Mexico, Colombia, Guatemala, Costa Rica,, Uruguay, Panama, Honduras, El Salvador, Ecuador, Paraguay, Bolivia, and Nicaragua.
There was no breakdown of information for specific countries like Barbados or for the Caribbean, but Javier Vazquez, Head of Visa Consulting & Analytics for Visa Latin America and the Caribbean commented on the relevance of the overall findings.
“This sustained growth in both in store and online shopping during December reflects the increasing adoption of digital payment solutions and highlights the resilience of the region’s economy as consumers and businesses embrace the convenience, speed and security offered by Visa credentials,” he said.
Visa said the VCA analysis
included the following key highlights for Latin America and the Caribbean: Contactless payments drove growth with over 25 per cent increase in transactions during December 2024 in the region, highlighting the increasing preference of this technology to make payments.
Markets leading spending growth. In terms of overall transactions during the holiday shopping season, markets with the highest increases compared to 2023 included Mexico1 and Peru with around 30 per cent growth, followed by Panama, Costa Rica and Dominican Republic with growth rates at around 20 per cent.
Top product categories for e-commerce transactions included transportation, digital goods and recurring subscriptions, while supermarket, food, and gasoline led in-person transactions.
Debit transactions registered a steady rise across the region, showing a more than 15 per cent increase in the online space versus 2023.
December 23 was the day with most Visa transactions during the entire 2024 calendar year, same as last year.
Visa said that the VCA consulting team analyse d data related to consumer transactions that took place through VisaNet from December 1 to 31 last year and compared it with similar information from December 1 to 31, 2023.
The analysis excluded Visa Direct-related transactions and spend. While Visa said these growth percentages were related to transactions numbers in United States dollars and other “local currency”, it did not provide a dollar value for the transactions. (SC)
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