Visa sees Gulf transactions up 19pc
Manama, July 9, 2010
Visa has reported a growth of 19.4 per cent in payment transactions across the GCC in the first quarter of the year.
The increase in transaction growth followed a successful year for Visa in terms of extending its debit business in the region.
The payment solutions provider formed a number of key debit partnerships with leading GCC-based banks last year which aimed to improve the card payment experience for cardholders, by providing increased debit card capabilities and convenience.
Visa's successful debit signings for this year include deals with Bahrain Islamic Bank, ADIB, NBD, HSBC, Dubai Islamic Bank, Doha Bank, NBK and KFH Kuwait.
As part of the partnerships, Visa will support all eight banks to develop their debit portfolios and enhance customer experiences by increasing usage capabilities.
The increased debit offering will provide GCC cardholders increased flexibility, convenience and security that Visa debit products offer.
'The signing of all eight debit deals last year is a reflection of the growing popularity of debit in the region,' said Visa Middle East general manager Kamran Siddiqi.
'We have seen increased demand for products such as debit which allow cardholders to keep their spending within a budget while still providing them access to their funds.
'The signing of all eight deals, which have extended the debit offering for cardholders across the GCC, combined with growing demand among consumers has led to double digit growth in the first three months of this year in payment transactions,' he said.
'The signings are an important step for Visa in bringing the associated debit card advantages to GCC customers.
'Visa cardholders see the benefit and convenience of using debit products, such as the ability to access funds at 1.6 million ATMs worldwide, the flexibility to pay now by using funds on deposit, while managing their budgets and enjoying the security, reliability and convenience of using Visa,' he added.-TradeArabia News Service