Credit cards and a takecardpayment.co.uk/card-payment-machine-for-small-business/ have long been known in several developed countries that have high income per capita. People have used credit cards for transactions. In fact, credit cards have become a culture in their payment systems. Below are the countries with the most credit card usage in the world.
1. South Korea
South Korea is the 4th largest economy in Asia, behind China, Japan, and India. The average South Korean has 5 credit cards, higher than Americans who on average only have two cards.
South Korea also has the highest credit card penetration rate in the world. Credit card customers in South Korea often use their credit cards. Around 129.7 transactions are recorded using credit cards each year, higher than the United States, which only 77.9 credit card transactions per year.
2. United States of America
The United States is a country where credit cards were born, home to the 2 largest credit card networks in the world, Visa and MasterCard. No doubt, if a credit card is common in America. In 2009, 156 million people in the US had a credit card, which means that half the population in America had a credit card.
In the same year, the total volume of purchases via credit cards in the US reached 1.94 billion dollars. The frequency of use of credit cards in the US is recorded for payments both small and large.
3. China
The Chinese economy has grown rapidly over the past few years, and so has its credit card. In 2011, residents in China set aside about 297 dollars to pay their credit card bills. It does not seem big, but the figure increased by 67.7% from 2005. Interestingly, the Chinese population uses their credit cards to buy specific products, large purchases such as electronics and equipment.
4. Brazil
Brazil is a developing country, which has significantly increased the number of the credit card user. Over the past 5 years, credit card customers have increased in the country. The average Brazilian now uses about 20% of their monthly income, to pay credit card bills. Like many other Americans, Brazilians began to have monthly bills on their credit cards. A large number of credit cards in Brazil raise economic concerns that credit cards are too easy to obtain in Brazil.
