In the 3^rd quarter of 2024

Aggregate value of withdrawals and purchases using points of sale on the SIBS network grew by 8.7% year-on-year

Data provided by the Sociedade Interbancária de Serviços (SIBS), for the ARM, referring to the 3^rd quarter of 2024, show that the values ​​relating to the two main operations of the SIBS network (withdrawals and purchases using points of sale (POS), considered as a whole, totalled 789.8 million euros (2.7% of the national total), meaning an increase of 8.7% compared to the same period last year (+6.1% in the country). This growth was mainly due to the 12.6% year-on-year increase in purchases using POS (+9.6% nationally), as withdrawals registered a decrease of 1.7% (-2.5% in the country).

It is also worth noting that the global increase mentioned above was due to the 17.3% growth in transactions with international cards and national cards, which grew 5.9%. Nationally, the changes were +6.2% and +6.1%, in the same order.

Breaking down the withdrawals according to the geographical origin of the card (national or international, it is observed that, in the 3^rd quarter of this year, the former totalled 175.0 million euros, while the latter totalled 18.4 million euros, representing decreases of 1.3 % and 5.8% compared to the same period in 2023 respectively.  

In turn, POS purchases made with national cards were around 403.9 million euros, an increase of 9.3% compared to the 3^rd quarter of 2023, while those made with international cards totalled 192.5 million euros, equivalent to a rise of 20.1% compared to the same period last year. Breaking down total purchases into on-site and online purchases, the changes compared to the same quarter of the previous year were 8.6% and 168.8%, respectively, with online purchases accounting for just 6.0% of the total.

In the 3^rd quarter of 2024, POS purchases were mostly made in the “Wholesale and retail trade” sectors; repair of motor vehicles and motorcycles” (54.0% of the total) and “Accommodation and food service activities” (26.1% of the total). In these sectors, annual increases of 9.3% and 13.0%, respectively, were observed.

The analysis of data by municipality shows that 473.8 million euros were handled in Funchal, which corresponds to 60.0% of the Region's total, with the year-on-year growth in withdrawals plus POS purchases in Funchal being 8.1%, contrary to Porto Moniz which was the municipality with the lowest turnover, totalling 8.1 million euros. Machico presented the highest annual change (+17.1%), in contrast to Santa Cruz, which appears with the least pronounced change (+6.0%).

Year-to-date, between January and September 2024, the aggregate of withdrawals and POS purchases totalled 2.1 billion euros, + 8.3% year-on-year, with the transactions with international cards standing out, growing +15.2% compared to the same period in 2023, against 6.3% of transactions with national cards. The breakdown between withdrawals and POS purchases shows that while the former fell 1.0%, the latter rose 12.0% compared to the first nine months of last year.

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