Global commercial spending surpassed more than $100 trillion for the first time ever, according to global payments technology company Visa.

The company released its Commercial Consumption Expenditure (Cce) index which states that global commercial spending increased 12% to 109.1 trillion in 2011, compared to $97.4 trillion spent in 2010.

Visa noted that the figures marks the first time since Visa created the CCE in 2004 that this spending surpassed $100 trillion.

Commercial spending in Latin America/Caribbean region climbed 19.4%, the strongest year-over-year growth rate, while from Asia Pacific it is 14.9 % to $38 trillion up from $33.1 trillion.

Middle East Africa region reported commercial spending rise of 17.4%.

Asia Pacific reported the largest share of global CCE spend, followed by Europe, the US, Central/Eastern Europe, Middle East and Africa, Latin America/Caribbean, and Canada.

Visa global Commercial Solutions head Tad Fordyce said despite a slow, but sustained economic recovery, the company continue to see healthy expansion in commercial spending.

"Underneath this growth lies a clear opportunity for financial institutions to optimize their commercial card programs to capture more spend with electronic payments and ultimately better meet the needs of their commercial and government clients," Fordyce added.