CAIRO: Third quarter results for the period ending September 2006 were released by Visa International. The results highlighted the steady acceleration of major indicators: the number of all Visa cards in Egypt, including both credit and debit cards, has increased by 40%, which is one and a half times the average percentage increase of 27% across the Middle East region. According to the latest results, Egypt accounted for 9% of the total Visa cards in the region. The number of Visa credit cards in Egypt has increased by 24%, placing Egypt in a lead position, second only to the UAE 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. "These results reflect deeper market penetration for Visa credit products, which is the outcome of the combined efforts led by member banks to promote credit. Visa credit cards offer unparalleled convenience and security, in addition to the 'pay later' flexibility that empowers cardholders and allows them to effectively manage their resources, he added. The number of Visa debit cards has increased by 61%, more than double the regional average percentage growth of 25%. "Debit cards are very advantageous. In addition to using them at Automated Teller Machines (ATMs), cardholders can also use them directly to make purchases at more than twenty-four thousand points of sale in Egypt, stated Elhousseiny. "Moreover, they bring great benefits to the national economy at large in that debit cards are often the first step in creating a relationship with the banking sector. This in turn helps widen the financial sector base in Egypt, he said. 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 $1.5 billion, well ahead of the regional growth percentages of 22% and 23% respectively. Elhousseiny said: "These results demonstrate that Visa is gaining further ground and is on its way to becoming a part of everyday life in Egypt. Visa's acceptance, reliability and convenience means people can entrust their payments - big or small, personal or business - to Visa products and services with complete confidence. The Middle East region's total Visa card expenditure value exceeded $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 UAE, Kuwait and Qatar. Meanwhile, the total RSV for the region has surpassed $17 billion. "Backed by such results, I am proud to say that Visa remains the electronic payment card of choice in Egypt, said Elhousseiny. "The dedication and focus of the member banks in Egypt have largely contributed to achieving these results. The journey has just begun, and in the near future, I am confident that the members will achieve the common goal of transforming a large portion of the payment transactions to electronic payments, which is Visa's goal and commitment to both consumers and the society, he added. -Agencies
