Javier Perez
Average credit card expenditure: USD 5,800 per year
Mastercard Europe President Javier Perez visiting Israel: Only French use card more than Israelis do. Some 78 percent of Israelis use card, as opposed to an average of 50 percent in Europe
According to Mastercard Europe President Javier Perez, who arrived for a visit in Israel, the average credit card expenditure in Israel is high – an average of USD 5,800 annually, in comparison to an average of USD 2,600 in Europe.
"Only the French use the credit card more than you do," he said.
In Israel, 78 percent of the adult population has a credit card, compared to less than 50 percent among adults in Europe.
Credit cards are used in Israel for over 55 percent of purchases, in comparison to only 30 percent in Europe. Israel also has the most credit card transactions.
Perez praised Israel for its innovations, bringing as examples the ability to spread out credit card bills into payments, a rolling credit card, and the use of credit cards to pay for a plethora of things, from rent to parking and soft-drink machines.
Perez: Legislation hurts consumers
Perez also referred to legislation formally aimed at reducing costs for consumers and businessmen. According to Perez, he opposes the legislation because he thinks it's dangerous to the market and reduces the range of transactions.
The more transactions there are, the more competition there is, and we profit more, he explained. He stated that, in general, market legislation tends to work against consumers.
Perez added that he is happy with the way things have progressed in Israel, with an agreement between both sides that seems fair and that he thinks will increase business.
Mastercard International is a public company, with 59 percent of its shares sold on the New York Stock Exchange in May 2006 at a price of USD 39 per share.
Tuesday, the stock price was USD 96.30 per share, giving the company a market price of USD 13 billion.
