Commercial payment solutions in AsiaPac grow 22.9%

Steady business travel within the region largely contributed to the rise in gross dollar volume for the first half of 2011.

MasterCard Worldwide announced double-digit growth in its Commercial Payment Solutions business in the Asia/Pacific, Middle East & Africa region. This growth is largely due to business travel holding firm in the region.

For the first half of 2011, the CPS business posted a 16.7% increase in cards issued and a 22.9% increase in gross dollar volume versus the same period in 2010.

The recent MasterCard survey on Consumer Purchasing Priorities – Travel which involved 17,620 respondents from 25 markets showed business travel and spending in the APMEA region held firm from last year with the trend favoring affluent markets.

In Hong Kong and Singapore, 48% and 43% respondents respectively made at least one international business trip in the past 12 months, followed by South Korea (29%), Taiwan (27%) and Australia (21%). 18% of respondents from Hong Kong made more than three business trips in the past 12 months.

On the back of such research findings, growth in CPS has continued to rise in APMEA as companies and government entities seek effective ways to manage their finances and procurement processes.

The double-digit regional growth can be put down to a number of other factors including a greater sense of innovative cost management solutions in the private and public sector due to organizations looking for more control of their expenses; and, a growing demand from companies and the public sector for effective ways to manage their finances.

“There is sustained pressure on public and private sector organizations to use commercial cards to better manage their outgoings and purchasing costs and deliver efficiencies. MasterCard empowers companies by allowing them to conveniently manage costs while providing tailored solutions to meet the needs of every organization – whether an SME, government agency or large corporate,” said Kevin Goldmintz, senior business leader, Commercial Payment Solutions, APMEA, MasterCard Worldwide.