Croats Spent 17 Billion Kuna via Visa Cards

According to data released today by Visa International, the trend of increasing use of Visa cards in Croatia continues. In the year ending December 2006, Croatian Visa card users spent nearly 17 billion kuna (3 billion US dollars), representing an annual increase of 28 percent compared to 2005.

The data indicates that Croatian consumers have recognized the benefits and security provided by payment cards. One of the most interesting areas of growth is the increase in the amount spent at points of sale, which aligns with the ongoing development of the payment card acceptance network in Croatia. The steady increase in the number of points of sale accepting Visa cards to 64,977 supports the growth of the overall Visa acceptance network, which reached nearly 70,000 locations during 2006.

Thus, Croatian Visa card users spent nearly 4 billion kuna (709 million US dollars) at points of sale, representing a 40 percent increase compared to 2005. Almost half of all transactions now occur at points of sale, demonstrating that Croatian consumer habits align with Western European consumer habits. During shopping, Croats completed 16.7 million transactions at points of sale, accounting for nearly 50 percent of the total number of transactions made during 2006 via Visa cards. 

Traditionally, the busiest period for retailers in Croatia is the Christmas holidays when consumers rush to stores to prepare for the festivities. Although until now Croats have left holiday shopping to the last minute, in 2006 they made an effort to prepare their supplies in time, making December 22 the most intense shopping day during which Croatian Visa cardholders spent 22.4 million kuna (4 million US dollars). Another intense day was December 30, when Croatian consumers, preparing for New Year’s Eve, spent 16.8 million kuna (3 million US dollars) via their Visa cards.

In the year ending December 2006, member banks of Visa International issued more than 2.9 million Visa cards, representing an annual increase of 15 percent. Although debit cards dominate among Croatian card users, the number of Visa credit cards continues to grow impressively by nearly 40 percent compared to 2005, reaching a total of over 99  thousand cards. At the same time, the Visa Electron card holds a strong first place with a 78 percent share of the total number of Visa cards issued by member banks. By the end of December 2006, the number of Visa Commercial cards had increased by 20 percent, and there are currently over 405,000 Visa Commercial cardholders in Croatia.