Macau | Credit card turnover growing at double-digit pace

Macau (MNA) – Credit card turnover and total repayments in the Macau SAR (MSAR) grew at double-digit rate year-on-year, 2017 December data from the Monetary Authority of Macao (AMCM) revealed on Tuesday. Turnover totalled MOP5.6 billion, up 13.8 per cent quarter-to-quarter or 13.2 per cent year-on-year.

Repayments, which include interest and fee payments, reached MOP5.3 billion, up 3.1 per cent from the previous quarter or 10.0 per cent from year-on-year.

The number of credit cards issued by banks in the MSAR was 12.9 per cent up year-on-year to 1.1 million in December 2017, 2.1 per cent quarter-to-quarter.

Credit card limit granted by banks in December 2017 increased 15.6 per cent year-on-year to MOP28.5 billion (US$3.52 billion), up 2.8 per cent from end-September 2017.

Receivables amounted to MOP2.7 billion, of which the rollover amount totalled MOP771.8 million, representing 29.1 per cent of credit card receivables, says AMCM.

The delinquency ratio decreased from 1.50 per cent as at end-September 2017 to 1.38 per cent as at end-December 2017.

Cards denominated in patacas as currency grew 12.6 per cent to 841,069 year-on-year. Those in Hong Kong dollars increased 6.0 per cent to 88,474, while those in renminbi experienced an increase of 16.8 per cent to 257,673.