Card spending withstands crisis

Romanians spent 24.9 billion RON (5.8 billion euros) on cards in the fourth quarter of 2009, 1% more than in the fourth quarter of 2008, according to data from the NBR.

Card spending also rose by 2% against the third quarter of 2009.

The overall spending on cards issued on the Romanian market increased to 95.9 billion RON (22.6 billion euros) up by almost 9% against the previous year. In euros, however, the volume fell by 6%, due to the exchange rate depreciation. Therefore, volumes of transactions on cards issued in Romania continued to see a rise, although the economy contracted by as much as 7.2%. Over the course of the year, both bankers and representatives of payment operators noted that this market segment was able to hold out despite the general decline of the economy. ATM withdrawals continued to account for the bulk of transactions – 84.8 billion RON, i.e. 88% of overall operations, slightly down from 89% in the previous year. Card payments at retailers totalled 11 billion RON, up 17% against the previous year. The rise in volumes occurred even in the context where fewer debit and credit cards were in circulation in December 2009 than in the corresponding month of 2008.