Visa International says growth in its credit-card sales in Hong Kong will slow to 20 per cent this year from 25 per cent last year because of the SAR's economic downturn.
Visa would focus on encouraging Hong Kong card-holders to take advantage of the relative devaluation of Asian currencies by using their cards overseas, its Hong Kong and Macau country manager Ivanov Yim said.
He said Visa's optimism behind its forecast of double-digit growth in card sales was based on a research finding that card business tended to be more 'recession proof' than other businesses.
'Customers are not necessarily spending less, because they still have to purchase daily necessities. But in general, they are more willing to pay by card,' he said.
Mr Yim said Visa expected growth in use of Hong Kong cards overseas would accelerate to 20 per cent from 18 per cent last year.
It forecast total card sale volume would grow to US$10.1 billion for the year to September.
