Macau credit-card turnover rose by 7.2 per cent year-on-year in the fourth quarter of 2016, another sign the territory’s retail sector is on the improve.

Data from the Monetary Authority of Macau (AMCM) shows credit-card turnover reached about MOP5.02 billion (US$627.5 million) for the quarter, up 7.2 per cent. However, cash advances eased by 2.1 per cent to MOP216 million, accounting for 4.3 per cent of total credit-card turnover.

This follows the banking sector extending MOP25.3 billion of credit limit at the end of last year – a surge of 19.7 per cent year-on-year.

Total credit-card receivables jumped by 9.5 per cent quarter-to-quarter, or 6.1 per cent year-on-year, to MOP2.5 billion. Of the total, rollover amounted to MOP740.5 million, an increase of 3.1 per cent quarter-to-quarter or 10.2 per cent year-on-year.

Receivables overdue for more than three months fell by 12.1 per cent to about MOP30.3 million from the previous quarter, yet still grew 13.4 per cent year-on-year.

As at the end of the quarter, about 1.06 million credit cards were in circulation in Macau, an increase of 2.7 per cent quarter-to-quarter or 14.4 per cent year-on-year.

Leading the way are pataca (MOP) cards with a 70.5 market share at 747.2 million, an increase of 2.3 per cent by quarter. The number of Hong Kong dollar (HKD) and renminbi (RMB) cards in circulation grew by 4.5 and 3.4 per cent to 91.57 million and 220.66 million respectively.

AMCM says the increases are the result of growth in dual- and triple-currency cards. There were about 209.1 million MOP/RMB dual-currency cards in circulation at the end of the year, soaring 17.9 per cent year-on-year and 2 per cent quarter-to-quarter.