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According to research from Itaú Unibanco Bank regarding the credit cards market, consumers of C, D and E classes already hold 60% of all active credit cards in Brazil, compared to 50% in 2010.
The B class accounts for a 37% participation, compared to 42% four years ago. The share of A class was also reduced from 7% to 3% in the period.
According to Milton Maluhy, Executive Director of the Cards Area of Itaú Unibanco Bank, cash use is still high in the country, especially in the lower classes.
Payment methods market in Brazil generates R$ 41 trillion (US$ 18 trillion), with cash corresponding to 43%, compared to the global average percentage of 33%. Checks account for 6%, against 17% globally.
“There is a great opportunity to migrate from cash to credit cards”, says Maluhy.
Itaú estimates that the turnover volume of the credit cards market will grow at an annual average of 17% until 2016.
Card’s participation in household consumption registered 28% last year, but according to the executive, considering only the last quarter of 2013 this percentage reached 30%.
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Image courtesy of Naypong / FreeDigitalPhotos.net
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