Visa and Arab International Bank (AIB) have announced the launch of Egypt’s first Visa Classic and Gold credit cards in Euros. The product was developed following an AIB consumer survey that identified market demand for Visa credit cards in Euros. The cards eliminate all charges related to currency exchange, as they already use the common European currency, the Euro.
““Visa is always working to develop new products that cater to Egypt’s expanding banking sector. Our international expertise and local market knowledge allow our partnering banks to offer products that raise market standards,” said Tarek Elhousseiny, General Manager of Visa North and West Africa. “The first AIB Visa Classic and Gold credit cards in Euros provide cardholders with the opportunity to enjoy the convenience and security of a using Visa cards while saving money and the hassle of currency exchange.”
The AIB Visa Classic and Gold credit card also benefit from Visa’s world-renowned security features and the fact that they are chip cards: the 21st-century update of conventional cards. Chip cards offer increased security, due to their virtual precautious against counterfeiting, and even greater convenience, as they can be used safely in remote locations where telecommunications are unreliable or prohibitively expensive. Chip cards contain a number of checks and balances that are set up by the bank, which means that the chip card can make an informed decision at every transaction.
The AIB Visa Classic and Gold credit cards enjoy the benefits of Visa’s large international network that can be used for purchases and cash withdrawals locally and internationally. Visa’s network ensures acceptance at 30 million merchant outlets and 1.4 million ATMs worldwide.
“For our customers that frequently travel to Europe or often deal with Euros, the AIB Visa Classic and Gold credit cards are the most tailored solution available on the Egyptian market,” said Amr Abdelaal, General Manager Retail Banking & Network Development at AIB. “We are truly delighted to be the first bank in Egypt to launch the Euro Smart Visa credit card. This is a part of our integral retail products portfolio that we are developing to meet the needs of our clients, This development was initiated by the new management of AIB under the leadership of HE Dr. Atef Obeid, AIB chairman and Egypt’s former prime minister. It demonstrates the local need for credit cards in Euros proves that the country’s banking system is maturing and requires a larger portfolio of products.”
