According to the head of the South African credit card division, the international soccer World Cup has encouraged spending on electronics, telecommunications equipment, sporting goods as well as gifts. Moreover, lower borrowing costs have also contributed to the increasing rate of consumerism, bringing a 4,6 percent growth in South Africa’s gross domestic product (GDP) in the first three months of 2010, the same source has shown.
Previously, Visa has also reported a spending rateof approximately USD 128 million on Visa payment cards, generated by the 2010 FIFA World Cup.
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