Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Electronic payments trend gaining ground in KSA  Join our daily free Newsletter

MENAFN - Arab News - 07/07/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) The Saudi and Middle East market for payment cards including credit and debit cards is witnessing significant growth according to Ahmed Gaber country manager-Saudi Arabia Visa.

Visa's total transactions across all payment cards in Saudi Arabia in 2013 amounted to SR518616131.

'The Kingdom registered a record overall growth of 43 percent in e-commerce in Q1 2014 compared to the same period last year making it the highest growth rate in the MENA region" he told Arab News in an exclusive interview.

It is against this background that Visa launched a month-long risk awareness campaign for consumers in Saudi Arabia titled 'Be Card Wise and Be Card Safe'.

The campaign is designed to highlight Visa's security and fraud prevention initiatives and educate consumers on how they can protect themselves when using electronic payment cards at all points of sale including both online and offline transactions he added.

These are highlights of the interview:

What is Visa's month-long risk awareness campaign for consumers in Saudi Arabia

Visa launched a month-long risk awareness campaign for consumers in Saudi Arabia titled 'Be Card Wise and Be Card Safe'. The campaign is designed to highlight Visa's security and fraud prevention initiatives and educate consumers on how they can protect themselves when using electronic payment cards at all points of sale including both online and offline transactions. It also highlights Visa's security standards and processes including tips on protecting oneself from online security fraud and safely transacting when abroad.

How does Visa support electronic payments trend in the Kingdom

Visa is supporting the electronic payments trend by aggressively leading educational and brand building programs including efforts to open Debit BINs (Bank Identification Number) for online transactions. Earlier this year Visa announced the launch of a month-long risk awareness campaign for consumers in the Kingdom. The campaign is designed to highlight Visa's security and fraud prevention initiatives and educate consumers on how they can protect themselves when using electronic payment cards at all points of sale including both online and offline transactions.

Visa is committed to empowering customers with the right tools. Which are they

Given the growing reliance of electronic payments in the Kingdom Visa is committed to empowering customers with knowledge about our products so that they can use their Visa cards with confidence anytime anywhere.

Visa has been developing financial literacy programs that teach individuals how to spend save and budget responsibly. The first program was launched in 1995 then spread globally in 1996. In 2009 Visa pledged to reach 20 million people through financial literacy education by 2013. Today Visa's global financial literacy initiative is localized across more than 30 countries. Visa's Practical Money Skills for Life program is an award-winning website that is aimed at helping consumers manage their money through all stages of life. In the Middle East the financial literacy website MyMoneySkills (ehsib.com/) available in Arabic and English covers financial basics such as budgeting saving bank account management using cards wisely online shopping and precautions against fraud. It helps students from preschoolers and elementary school students to teens and college students learn the essentials of personal finance. The site also includes teacher-training material.

What is the extent of growth in Visa's card transaction volume in the Kingdom

The total number of Visa cards in circulation across Saudi Arabia as of the end of 2013 including debit credit commercial and prepaid cards was 11367834. Visa registered a 13 percent growth since the previous year with 10037658 cards being circulated in 2012. Visa's total transactions across all payment cards in Saudi Arabia in 2013 amounted to SR 518616131. The Kingdom has registered a record overall growth of 43 percent in e-Commerce in Q1 2014 compared to the same period last year making it the highest growth rate in the MENA region.

What is the total number of Visa cards in circulation in Saudi Arabia

The market for payment cards including credit and debit cards in the Middle East Saudi Arabia in particular is witnessing growth in recent time. The total number of Visa cards in circulation in Saudi Arabia as of the end of 2013 including debit credit commercial and prepaid cards was 11367834.

An increasing number of banks in the Kingdom have been introducing payment cards targeting specific segments of the market including women Shariah-compliant cards and those aimed at frequent travelers. How is Visa coping with such trends

Visa has a range of products that are flexible and diversified by nature. As a result our payment platform can run all of these programs without any intervention on our part. In fact Visa is well-equipped to manage more complicated products such as SME and multicurrency cards as well.

What are key features of the Visa Everywhere Travel Report for the 2014 FIFA World Cup Brazil

Visa released the Visa Everywhere Travel Report for the 2014 FIFA World Cup Brazil earlier in June which analyzes travel data and cross border spend on all Visa products including credit debit and prepaid payment cards.

During the four-day opening period of the tournament (June 12-15) Visa found that GCC visitors spent more than 500000 on their Visa accounts with Saudi Arabia and the UAE making up 70 percent of the total. This represents a five-fold increase over the same four-day period in 2013 and 47 percent more when compared to the opening four-day period of the Confederations Cup (June 15-18 2013).

The global attraction of the FIFA World Cup and growing confidence and understanding of the convenience of electronic payment platforms has combined to see the enormous increase in card usage from the GCC region. The GCC spending was part of a total spending of 27 million from global visitors to Brazil during the 4-day opening period of the tournament.


 


Arab News




  MENA News Headlines
 Dec 21 2014 - Saudi- Muhammad Ali hospitalized with mild pneumoniaArab News
(MENAFN - Arab News) LOUISVILLE: Boxing legend Muhammad Ali was in stable condition after being hospitalized with a "mild" case of pneumonia his spokesman Bob Gunnell said.The 72-year-old Ali was ...

 Dec 21 2014 - Al-Naimi is 'confident' oil prices will improveArab News
(MENAFN - Arab News) ABU DHABI: Petroleum and Mineral Resources Minister Ali Al-Naimi said he was confident world prices would improve after a slide he blamed partly on 'lack of cooperation' by ...

 Dec 21 2014 - Irresponsible non-OPEC output behind oil price plunge: UAEArab News
(MENAFN - Arab News) ABU DHABI: "Irresponsible" levels of output by producers from outside the OPEC oil cartel is among the main causes of the slump in prices the UAE energy minister charged ...

 Dec 21 2014 - Gulf oil producers stand firm on OPEC outputAFP
(MENAFN - AFP) Oil-rich Arab Gulf countries stood firm against non-OPEC crude producers on Sunday, vowing they will not cut output nor hold an emergency cartel meeting to support slumping ...

 Dec 21 2014 - Saudi produces 74 percent of GCC polymer capacityMENAFN
(MENAFN) The National Petrochemical Industrial Co. (NATPET), a Saudi joint stock company, has revealed that 74 percent of the GCC's polymer capacity, totaling 17.6 million tons, was produced in the ...

 Dec 21 2014 - Algeria worried on falling oil pricesMENAFN
(MENAFN) Algeria, which oil revenues make up 97 percent of its hard currency earnings and 60 percent of the government's budget, is beginning to feel the impact of the fall in oil prices that led it ...

 Dec 21 2014 - UAE's non-oil trade hits USD142b in H1MENAFN
(MENAFN) The UAE's Federal Customs Authority (FCA) said that the value of direct total foreign non-oil trade has reached USD142.8 billion during the January-June period of 2014, Arabian Business ...

 Dec 21 2014 - UAE slams non-OPEC members on rising oil productionMENAFN
(MENAFN) The UAE's Ministry of Energy said that the decision made by the Organization of the Petroleum Countries (OPEC) not to cut production was correct despite the prices continuing with their drop ...

 Dec 21 2014 - Oman's OLC, Spanish CLH sign USD320m contractMENAFN
(MENAFN) Orpic Logistics Company (OLC), a joint venture between Oman Oil Refineries and Petroleum Industries (Orpic), announced it has signed an engineering, procurement and construction (EPC) ...

 Dec 21 2014 - UAE's Hakkasan acquires USD36m The Light GroupMENAFN
(MENAFN) Hakkasan Group, the hospitality and entertainment company owned by Abu Dhabi-based Tasameem Real Estate, announced it has acquired The Light Group from Morgans Hotel Group (MHG), Arabian ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help