Europay International, the European bank card association closely allied with MasterCard International, proclaimed 1997 its "strongest year ever," with a record 18% increase in cards issued by member banks.
Cards bearing the Eurocard-MasterCard, Maestro, Cirrus, and Eurocheque logos increased by 28 million. The company said seven out of 10 new cards issued were Europay brands, and the total of 178 million amounted to a 60% regional market share.
Chief executive officer Louis-Noel Joly said the Maestro on-line debit program was a major contributor to the growth, as card-accepting merchants increased 68%, to 1.5 million. That amounts to 60% of Maestro locations worldwide.
"When you combine a phenomenal rise in acceptance points with the powerful growth in cards bearing Maestro, you get a recipe for sustained growth," Mr. Joly said. "Our decision to make Maestro the single brand for ATM and over-the-counter transactions can only fuel its success."