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Visa solidifies its position in Egypt |
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The number of Visa credit cards in Egypt has increased by 24%, placing Egypt in a lead position, second only to the U.A.E. across the Middle East.
'Egypt accounts for 22% of Visa credit cards in the region,' stated Tarek Elhousseiny, Visa CEMEA's Vice President and General Manager for Egypt and Libya.
The number of Visa debit cards has increased by 61%, more than double the regional average percentage growth of 25%.
Visa's latest results show a 41% year-on-year increase in the number of Visa transactions in Egypt as well as a 42% increase in the value of these transactions to reach almost US$ 1.5 billion, well ahead of the regional growth percentages of 22% and 23% respectively.
The Middle East region's total Visa card expenditure value exceeded US$ 93 billion, with Saudi Arabia, Kuwait and the U.A.E. assuming the three lead positions.
The results indicate that the number of Visa ATMs in Egypt has increased by 15% to exceed 1700 ATMs, placing Egypt second in the region following Saudi Arabia.
Retail sales value (RSV) is the key indicator of electronic payment activity for any market, as it focuses on the amounts used to purchase goods and services, excluding cash withdrawals, thus reflecting actual cashless expenditure. Visa RSV in Egypt is 22% higher in the year ending September 2006 versus the previous comparable period, placing Egypt in the fifth position across the Middle East, following Saudi Arabia, the U.A.E., Kuwait and Qatar. Meanwhile, the total RSV for the region has surpassed US$ 17 billion.
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