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Visa predicts 7% hike on card costs for Russians travelling overseas this summer

Visa anticipates that the largest rise in non-cash payments compared to last summer will be observed in Tunisia, Georgia and Cyprus

MOSCOW, June 10. /TASS/. The global payment system, Visa, forecasts that this summer, Russian tourists who are traveling abroad will see a rise in card expenses that are 7% higher than last year.

This forecast is based on the analysis of charges on Russian Visa cards at physical sale points abroad from June to August over the three-year period of 2015 to 2018, excluding Russia’s neighboring countries, the worldwide payment processor said in a press release on its website.

"By the company’s estimate, this summer, the amount of Russians’ spending on Visa cards abroad, including cash withdrawals, will climb 7% higher than the same period last year. The number of cards used abroad will also increase by about 10%," the payment system reports.

According to the forecast, the holders of 2.3 mln Visa cards will use the same card about 11 times per trip, and the expenses on it will total $826. Of this amount, Russians will spend 17% in cash, and 83% using payment terminals.

Visa also anticipates that the largest rise in non-cash payments compared to last summer will be observed in Tunisia, Georgia and Cyprus. In those countries, Russians’ expenses on cards can increase by 25%. That said, the growth of spending on cards in Europe will be 8%, whereas in North America and Asia, it will come to 12% and 11%, respectively.

Besides that, according to Visa, only ten countries accounted for almost two-thirds of the total amount Russians spent on cards abroad last summer, and seven of them are European ones. In this regard, Italy emerges as the big winner among the countries of the EU, while the leaders of top ten are Cyprus and Turkey.