ME prepaid growth ‘2nd highest worldwide’
Dubai, March 21, 2013
The Middle East region is the second highest growing prepaid market globally, said an industry expert ahead of the upcoming Prepaid Summit Middle East 2013 in Dubai.
The fourth edition of the event will take place on April 17 at Shangri La Hotel.
Francesco Burelli, partner at Value Partners, a leader in cards, payments and transaction banking practice, and a key speaker at the summit, added that the Middle East is the second fastest growing region at 28 per cent compound annual growth rate based on 2010 and 2012 data.
“From 2013 to 2017 the circulation of prepaid cards is forecast to steadily increase at 11 per cent compound annual growth rate globally, however Mena markets will outperform, exhibiting a stronger growth of 18 per cent compound annual growth rate,” added Burelli, who is also the member of Editorial Advisory Board for Cards International.
“The Middle East is the second fastest growing region at 28 per cent CAGR based on 2010 and 2012 data,” he added.
Burelli will present an exclusive research on global and regional trends, on growth opportunities and their underlying drivers in the fourth Prepaid Summit.
“The open loop prepaid cards will grow at a faster rate in the Middle East. The remittance, youth and unbanked segments are very significant opportunities to be exploited by providers,” he said.
According to Burelli, many types of prepaid cards are available in the market, but the two main categories are “open-loop” and “closed-loop.”
“An open loop card is associated with and bears the logo of an electronic payment network such as MasterCard and Visa,” Burelli said.
“Open loop cards can be used everywhere the network merchant is honored. Closed-loop cards are single merchandise cards that can be used only at merchant locations, typically are not reloadable, and normally can be redeemed only for goods or services.”
Prepaid Summit Middle East 2013 will bring more than 120 prepaid experts and providers together in Dubai. Visa is the summit’s title sponsor. – TradeArabia News Service
More Finance & Capital Market Stories
- EMP expands Iraq card operations
- Dubai ICD planning to boost $2bn loan
- CEO-elect of fraud-hit Rakbank quits
- Saudi foreign assets hit record $668.2bn
- Major trade success for BBK Brokerage
- NBAD raises convertible bond issue to $465m
- Mashreq to enhance mobile banking app
- NBK Capital exits Turkey hospital chain
- Abu Dhabi holding firm Senaat plans share sale
- Iraq Trade Bank to expand into Lebanon, Turkey