Egypt’s Misr Bank is issuing new Visa Electron debit cards, which allow customers to withdraw cash from ATMs and charge purchases without paying interest.
The account movements are deducted directly from the customers' accounts, reported the weekly Middle East Times. As part of the bank's promotion campaign for the new service, 18,000 cards will be issued to customers this month.
Visa Electron is considered the most popular card in the Arab world because it is a debit card rather than a credit card, charging less interest rates.
Misr Bank is currently in the process of upgrading its systems and services in a bid to maximize its card business potentials, the weekly said.
The bank has over 1.5 million active accounts (current and savings), but it has only issued 30,000 Visa Classic credit/charge cards and 46,000 Electron cards so far. – (Mena Report)
© 2001 Mena Report (www.menareport.com)
