Total value of credit card transactions dropped 2.5% to $123b

Credit cards in circulation up 1%.

According to a report, the total number of credit card transactions for the second quarter was 115.6 million, a 5.1% increase from the previous quarter and an 8.7% increase from the same period last year. The latest figures were released by the Monetary Authority last Tuesday.

The total number of credit cards in circulation was 17.8 million by the end of the second quarter, up 1% from the previous quarter and a 4.3% increase from last year.

The total value of credit card transactions was $123 billion for the period, a 2.5% decrease from the previous quarter and a 9.6% increase from the same period in 2012.