Money Markets
By David Herbling
In Summary
- The Visa report reveals that Angolans were the top African spenders over the four-day period, charging $1.2 million (Sh104.9 million) to their plastic cards to be ranked fifth globally.
- Visa currently works with 26 out of Kenya’s 44 banks whom it issues debit and credit cards.
Kenyan soccer enthusiasts attending the FIFA World
Cup in Brazil spent Sh1.3 million ($15,403) in the first four days of
the football bonanza, data from payments firm Visa shows.
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The global study into spending trends by football fans in
Brazil between June 12 to June 15 shows that visitors splurged $27.4
million (Sh2.3 billion) through Visa card payments on accommodation,
food and drinks as well as transport costs.
“These numbers reflect the significant impact that
mega sporting events like the World Cup can have in boosting local
commerce in host market economies,” said Jabu Basopo, country manager
for Visa in charge of southern and eastern Africa.
The Visa Everywhere Travel Report says that the
tourist spend by Kenyans in Brazil is more than 63 times the $243
(Sh21,288) spent over the corresponding four-day period last year. The
spending by Kenyans makes up a measly 0.06 per cent of the money
splashed by World Cup revellers in the opening days using Visa cards.
Visa analysed travel data and cross-border spend on
all its products including credit, debit and prepaid payment cards to
compute the data. The California-based payments processing firm did not
provide the number of Kenyans at this year’s FIFA World Cup included in
the study but projected the football fete will attract 600,000 foreign
visitors to Brazil.
The Visa report reveals that Angolans were the top
African spenders over the four-day period, charging $1.2 million
(Sh104.9 million) to their plastic cards to be ranked fifth globally.
It shows Americans swiped their Visa cards to the
tune of $6.6 million (Sh576.9 million) to top the list of big spenders
in this year’s World Cup followed by the British (Sh201 million); French
(Sh148.6 million) and Mexicans spent $1.3 million (Sh113.6 million).
Visa has a network of 1.4 million point of sale
terminals — strategically located in 12 FIFA World Cup venues and
throughout Brazil — for cashless payments. Visa currently works with 26
out of Kenya’s 44 banks whom it issues debit and credit cards, certifies
lenders’ security systems and processes payments on its international
Visa network.
Brazilian officials have forecast that the FIFA
World Cup would generate $3 billion (Sh262.2 billion) in spending over
the month long sporting event. The top 10 countries spent $17.8 million
(Sh1.5 billion) in the four days, or an average of $4.4 million (Sh389
million) a day.
Visa said visitors spent the most in lodging and
accommodation which accounted for nearly a fifth or $5 million (Sh437
million) and local restaurants raked in $2.5 million (Sh218.5 million)
in card payments.
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