Credit card transaction value ballooned 14.4% to $142.1b

Number of transactions edged up 3.1%.

The total value of credit card transactions during the fourth quarter of 2013 was $142.1 billion, representing a 14.4% increase from the previous quarter and a 9.4% increase year-on-year, the Monetary Authority announced.

The total number of credit card transactions was 122.8 million, up 3.1% from the previous quarter and up 6% year-on-year.

There were 18.1 million credit cards in circulation at the end of 2013, up 0.8% from the previous quarter and 3.9% from the previous year.

The total number of debit card transactions in relation to retail sales and bill payments increased 8% to 29.7 million, while the total value rose 14.2% to $61.4 billion.

Compared to 2012, the total number of transactions rose 2.7% and total value rose 6.9% for the last quarter.