June 16, 2014 / 5:36 PM / 4 years ago

STXNEWS LATAM-Brazil card transactions soar 17.7 pct in first quarter, group says

Credit and debit card transactions in Brazil reached 223 billion reais ($100 billion) in the first quarter, a jump of 17.7 percent from the same period a year earlier, according to Abecs, the group that represents the merchant acquiring and card payment processing industries. Credit card-only transactions were 142.4 billion reais, and for debit cards the amount was 80.5 billion reais in the first quarter, Abecs said in a statement.

Growth in the segment took place due to a strong, secular process of substitution of cash for plastic money, as well as an expansion in e-commerce and the creation of new market niches in the card payment processing, the statement noted. (Editing by Diane Craft)

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