Visa International and its member banks reached the half million-card mark in Oman. Figures reveal that the most successful product in Oman is Visa Electron, which has seen a 5,000 percent increase in the past five years.
The demand for Visa Electron in Oman continues to grow each year with Visa recording a 33 percent increase in card numbers in the year ending June 2002 - the highest growth compared to any other country in the Gulf during the same period.
Total expenditure over a five-year period shows an equally impressive growth of over 3,400 percent to $1.45 billion in June 2002 from $42 million in June 1998. Meanwhile the total expenditure growth recorded over the last 12 months has increased by 46 percent from $993 million.
The growth of Visa in Oman increasing from 28,900 cards five years ago to over 500,000 cards at the end of June 2002. This represents an increase of more than 1,700 percent, indicating a strong move away from old-fashioned cash towards to payment cards.
The shift from cash to plastic would not have been possible without significant expansion of Oman's acceptance network. The Visa merchant network has increased to 1,589 this year from 650 five years ago while the automated teller machine (ATM) network has also grown steadily, from 39 cash dispensing machines five years ago to 190 in June 2002.
Visa-branded cards generate more than $2.3 trillion in annual volume and are accepted at more than 29 million physical locations around the world, including more than 800,000 ATMs. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
