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Foreign Visa Card Spending in Singapore Tops US$8.3 Million on Opening Day of Youth Olympic Games

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The Singapore economy has seen a boost in foreign visitor spending during the days leading to the opening day of the Singapore 2010 Youth Olympic Games, according to spending data from Visa.

More than US$8.3 million was spent by international visitors to Singapore on Visa-branded payment cards on the Opening Day of the Singapore 2010 Youth Olympic Games in Singapore.

The money spent by visitors on their Visa Credit, Debit and Prepaid cards on 14 August 2010, showed an increase of nearly 50% over the same day in 2009.

In the lead up and first two days of the Games (11-15 August 2010), more than US$42.5 million was spent by international visitors to Singapore on Visa-branded payment cards. This is a 45% increase from the same period in 2009. Top contributors to visitor spending in Singapore as measured by spending on Visa-branded payment cards were:

1. USA
2. Indonesia
3. Malaysia
4. Australia
5. Japan
6. UK
7. China
8. Hong Kong, China
9. India
10. Thailand

Meranda Chan, Country Manager, Singapore and Brunei, Visa, said, “Based on initial spending figures, the Singapore 2010 Youth Olympic Games looks to have started on a positive note for the local economy and businesses. We’ve also seen a strong showing for our Visa Prepaid cards, with more than 30,000 active cards so far.”

For the first time at an Olympic Games, Visa Prepaid cards have been issued with all Games tickets. In addition to providing access to public transport, the Visa Prepaid card offers young fans a convenient, cashless way to make purchases at competition venues. Visa Prepaid cards allow cardholders to spend only the funds loaded onto the card, minimizing the risk of overspending, and can be used wherever Visa cards are accepted. They also allow anyone who does not have a visa card to make card purchases at the venues. Visa has been a worldwide sponsor of the Olympic Games for 24 years and is the only card accepted at Singapore 2010 Youth Olympic Games competition venues.

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