In the first quarter of 2024

Aggregate value of withdrawals and purchases made through automatic payment terminals in the SIBS network increased by 7.0% year-on-year

Data provided by the Interbank Services Society (SIBS) for the Autonomous Region of Madeira for the first quarter of 2024 indicate that the combined amounts for the two main operations of the SIBS network (withdrawals and purchases through automatic payment terminals-APT), reached 632.4 million euros (representing 2.6% of the national total). This figure reflects a rise of 7.0% compared to the same period in the previous year (the national increase being of 6.4%). This growth was primarily driven by a 10.4% increase in purchases made through APTs (a 9.7% increase nationally), whereas withdrawals decreased by 1.1% year-on-year (decrease of 0.8% in the country).

It is also noteworthy that the aforementioned overall increase stemmed from both a 9.0% rise in transactions with international cards and a 6.4% increase with national cards.

Nationally, these figures changed by +13.3% and +5.8%, respectively. Breaking down the withdrawals according to the geographical origin of the card (national or international), it was observed that in the first quarter of this year, national withdrawals totalled 159.6 million euros, marking a slight decrease of 0.3% compared to the same period last year, while international withdrawals amounted to 14.1 million euros, showing a reduction of 9.5%.

On the other hand, purchases through APT using national cards amounted to 340.5 million euros (an increase of 9.9% compared to the first three months of 2023), and those made with international cards reached 118.2 million euros (an 11.8% increase year-on-year).

In the first quarter of 2024, purchases through APT were predominantly in the sectors of "Wholesale and retail trade; repair of motor vehicles and motorcycles" (accounting for 57.8% of the total) and "Accommodation and food service activities" (22.9% of the total). These two subclasses of the Portuguese Classification of Economic Activities (CAE Rev.3) together accounted for 80.8% of the total purchases mentioned. In these sectors, year-on-year increases of 9.4% and 11.6% were observed, respectively.

The analysis of the aggregated data of withdrawals and purchases through automatic payment terminals by municipality shows that in Funchal, transactions totalled 392.2 million euros, which represents 62.0% of the total for the region. Conversely, Porto Moniz was the municipality with the lowest activity, with only 4.3 million euros transacted. Ribeira Brava exhibited the highest year-on-year change (+14.8%), in contrast with Calheta, which had the least pronounced change (+3.6%).

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