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JAKARTA - Visa Indonesia has announced that the total value of transactions made by using Visa electronic cards grew by 89.7 percent in the 12 months up to the end of June 2006, with a total transaction value of 26.44 billion U.S. dollars. The record high reaffirms Visa's position as the market leader in the Indonesian card market, The Jakarta Post reported Friday.
"Visa International has achieved robust annual growth in Indonesia. It clearly shows how more and more Indonesians are placing their trust in Visa as they turn away from cash," Visa country manager Ellyana Fuad was quoted by the newspaper as saying. "It is also evident that electronic payment, which provides convenience and security, is becoming an integral part of the Indonesian lifestyle," she added.
Debit cards have been the fastest growing form of payment in Indonesia since its first introduction in the early 1990s, and will likely remain so in the years to come as indicated by the steady increase in the number of debit cards issued in recent years. The total value of debit card transactions rose by 105.4 percent to 23.3 billion dollars during the 12 months up to the end of June from the same period last year, said Visa.
Visa debit cards are currently issued by seven of Visa's 16 member banks in Indonesia, including Bank Permata, Bank Lippo, Bank Niaga, Bank Buana, Bank Bukopin, Bank Mega and Bank Mandiri.
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