Eastern Europe, Central Asia record sharp drop in credit card numbers

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) March 23, 2011 -- Istanbul, Turkey, 23 March 2011 — According to latest research carried out for the Eurasia Payments Report 2011 by Eurasia Insights, the number of payment cards in issue in 2009 declined against 2008, in a sign of the direct impact of the global economic crisis on the region’s consumers.

Credit card products in particular have borne the brunt of the crisis, with cardholders in Greece and Ukraine recording the largest changes in card usage. The number of credit cards in Greece dropped in 2009 by one million (a decline of over 14%) and by 3.8 million in Ukraine (a steep retraction of over 42%).
The trend continues across the region where latest available statistics record a decline in credit numbers across 15 of the 19 markets included in the report.

The total number of payment cards in issue showed a smaller decline of around 1% owing largely to a noticeable switch to debit card products. Across Eastern Europe, the number of debit cards in issue increased by more than 3 million in the year to end 2009.

Simon Hardie, managing director of Eurasia Insights commented: “in spite of the ongoing adjustment to life after the economic shock of 2008, this new report also highlights the growing sophistication of the region’s payment infrastructure. With cards per head of population now at close to 1 per person across the region, and much higher in some of the markets surveyed, the emerging countries Eastern Europe and Central Asia should not be overlooked when it comes to cashless payment innovation.”

The Eurasia Payments Report 2011 is a unique study of 19 of the key payments markets across Eastern Europe, Russia and the countries of the former Soviet Union. The Report combines latest available statistical analysis with insights from regional industry leaders and payment market trends.

About Eurasia Insights
Eurasia Insights provides research and analysis to the financial services industry across Eastern Europe and Central Asia including analyst reports, consultancy and industry surveys.

For further details including full contents list and sample pages, visit www.eurasiainsights.com

Contact details
Stephanie Lalanne
stephanie.lalanne@eurasiainsights.com
Telephone +44 (0) 7985 985115

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