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    Southeast Asia
     Apr 13, 2006
Spending on Visa cards grows in Asia

SINGAPORE - Domestic spending by Visa cardholders across the Asia Pacific region grew by 15% on-year to reach US$53 billion in the fourth quarter of 2005, according to figures from Visa Asia Pacific.

India emerged as the fastest growing country for domestic spending on Visa cards, with a growth rate of 49%, it said in a statement.



Philippines was the second fastest with 43% growth, with Thailand and Hong Kong tied for third place with 20% growth.

Malaysia posted 15% growth, New Zealand 8%, Australia 5% and Singapore 4%.

Overall, the highest Visa domestic spend levels were recorded in Australia with US$15 billion. Hong Kong logged US$2.6 billion, New Zealand US$1.8 billion, Thailand US$1.4 billion and Malaysia US$1 billion.

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