VISA CARD SPENDING SURGES IN JAPAN AND KOREA DURING WORLD CUP

31 July 2002

Visa Asia Pacific today announced that spending in Japan and Korea using its payment cards surged during the month of June as a result of World Cup 2002. Tourists visiting Japan spent US$100 million in June using their Visa cards, an increase of 28 percent over the average spending seen in the first five months of the year. In Korea, tourists spent US$69 million during the month, an increase of 16 percent over the average of the first five months.

The main contributor was higher spending by tourists visiting Japan and Korea from countries in Europe, Latin America, the Middle East and Africa - countries all very well represented at the World Cup. These non-Asian tourists spent a total of US$66 million in Japan in June, a rise of 53 percent over the average spending from January to May. Non-Asian tourists visiting Korea spent US$41 million, an increase of 62 percent over the average of the first five months.

By contrast, spending by tourists from Asian countries visiting Japan and Korea was more subdued. In Japan, Asian tourists purchased US$35 million worth of goods and services with their Visa cards, a decline of three percent compared the average of the first five months. In Korea, Asian tourists' spending declined 18 percent to US$28 million. The declines in both cases can largely be attributed to many Japanese and Koreans choosing to stay at home and not visit their neighbor during the month-long tournament.

Visa Asia Pacific General Manager Japan Richard Chang said, "We were delighted with the strong increase in Visa card spending in Japan in June. We have long been committed to helping develop the Japanese payment card market and ensuring tourists have plenty of scope to use their payment cards. It is clear that many non-Asian tourists visited Japan for the first time to attend the tournament, and we will do our best to ensure that continues."

Visa Asia Pacific Country Manager Korea Kim Young Chong said, "As the market leader in the cards industry across Asia including in Korea, Visa has a long-term commitment to the tourism industry and our plans to support the needs of visitors is about much more than a single event - even one as big as the World Cup. Our multi-year agreement with the Korean National Tourism Organization is an excellent example of this. We are pleased to play our part in helping tourists see the many attractions of visiting Korea." 

Visa has long been committed to developing the payment card industry in Korea and Japan. Visa is the clear number one payment card brand in brand in both markets, as it is across the whole of Asia. By the end of 2001, Visa had 34 million cards on issue in Korea and 67 million cards on issue in Japan. 

Visa International

Visa-branded cards generate more than US$2 trillion in annual volume worldwide and are accepted at more than 25 million merchant locations around the world, including more than 760,000 ATMs. Visa is a leader in Internet payment and electronic commerce, with more than 50 percent of electronic transactions being made with Visa cards.

Visa Asia Pacific

In Asia Pacific during 2001, a total of US$480 billion was spent in Asia Pacific using Visa cards, a growth of 56 percent over the previous year.