Surprisingly, despite a downturn and a recession in both Brazil and Europe, MasterCard reports that both are doing quite well. Or at least, people are still using their credit cards there. Debit vs. credit trends match those reported on Visa's (V) Q408 conference call.
In the fourth quarter we saw... U.S. gross dollar volumes and transactions for credit declined while debit still grew in the mid single digits. We continued to experience volume and transaction growth in Europe in the mid to high single digit range and none of the major countries in that region have yet dipped into a decline.
While Latin America’s growth was in the low double digit area overall due to declines in Mexico and Venezuela, Brazil continues to be a bright spot with solid double digit growth. In addition, our South Asia, Middle East, Africa region is also still experiencing significant growth.