Card experts identify huge opportunity for Prepaid; Up to 85 percent transactions in the ME region rely on cash
The first prepaid summit of the region opened today as key speakers, explained the market opportunities available for cashless transactions in the Middle East region.
Will Cain, VRL Group Editorial Director for Cards and Payment, VRL Financial News confirmed that up to 85 percent of transactions in the region are cash transactions which immediately creates a massive opportunity for the prepaid cards. “Education, awareness and regulations will drive the prepaid market that is already showing real potential worldwide” said Cain.
Scott Salmon, Head of Prepaid Global Market Expansion, VISA said: “Prepaid has over 55,000 programs in more than 60 countries. The Central Europe, Middle East and Africa market has seen growth of 300 percent p.a. in the last six years.”
The drivers of growth are factors such as shift to e-payment, increasing spending power of youth and remittances. “Middle East region will see government regulations of salary transfers as the main growth segment,” said Salmon.
The two day summit which opened in Dubai today has global speakers line-up including VISA, Mastercard, Emirates NBD, Italian Ministry of Economy and Finances and Vice Versa International in the first session. More than 30 speakers are presenting the delivery and success models of prepaid to delegates and trade professionals who attended the first ever prepaid summit of the region.
The second day of the summit will have more than ten presentations and an expert panel focusing on the prepaid card consumer including exclusive research presentation on the Middle East prepaid market, covering the UAE, KSA and Egypt sponsored by MasterCard.