Banks in the United Arab Emirates (UAE) have issued more than one million Visa cards, with annual payment cards spending throughout the country reaching almost five billion dollars. At the end of September, there were almost 1,006,000 Visa cards in the UAE, 14 percent more than a year earlier. Sales volume over the last 12 months rose 19 percent, from almost $3.94 billion to almost $4.7 billion, according to a company press release.
There is now a widespread network of shops and other outlets that accept Visa cards in the UAE. ABN Amro introduced smart cards to the UAE in September 2000 in its first credit card program. Key achievements in 2001 include Emirates Bank Group’s launch of the Middle East’s first multi-application smart card, offering credit payments and a loyalty points scheme on a single card.
Visa is the largest payment system worldwide. Visa-branded cards generate almost two trillion dollars in annual volume and are accepted at over 22 million locations around the world. Visa also generates revenues from Internet-based payments and is working to create universal commerce. — (menareport.com)
© 2002 Mena Report (www.menareport.com )