VISA'S total payment volume in the Asia-Pacific region has grown 30-fold in the past 10 years and is expected to double by 1998, according to the company's 1993 annual report.
With 62 million cardholders in the Asia-Pacific region and a total sales volume of US$73.8 billion (HK$569.7 billion) in 1993, Visa has more than half as many cards and volume than Mastercard, its closest competitor.
According to the annual report, Visa holds a 70 per cent market share in Hong Kong and has enjoyed 20 per cent growth during the past three years.
In China, where VisaNet is the only computerised transaction processing and authorisation system, Visa's volume has tripled in the past year.
Taiwan is another area where Visa has put in a strong performance. Just four years ago, Visa had no representation in Taiwan. Today, it holds 82 per cent of the market with more than 1.6 million cards issued, which have generated US$1.9 billion in spending.
''Visa's success in the region is the result of building a comprehensive range of products and services which assist our members in their card business and serve the changing needs of today's consumer,'' said Ray Chan, Visa International's general manager for the North Asia region.