Prepaid is the fastest growing payment mechanism and is currently witnessing double digit growth, said the organisers of an upcoming summit on prepaid transactions.

“Over the next five years, transactions by prepaid mechanisms will account for almost 60 per cent of purchases, globally,” said Gerard Tilley, CEO of VRL, organisers of Prepaid Summit: Middle East 2010.

The ninth VRL event is set to take place on March 22 and 23 at Westin Hotel in Dubai.

“In my opinion, prepaid is on the way to become one of the world’s most dynamic and competitive payments sectors. Of course, regulatory and cultural forces mean that individual countries are at different stages of penetration but this is not taking away from the fact that prepaid is booming, worldwide,” he added.

He said that the Middle East is seen as the ideal location for expansion of the prepayment sphere.

“The MENA region has been fast to recognise the benefits of prepaid. This is due to a multitude of market factors, including the particularly high volume of cash transactions, compared to credit and debit card payments,” Tilley continued.

“In addition, the recent mandate for immigrant workers have to have access to a bank account, also adds impetus. I am encouraged that the market for new payments systems is now wide open, with prepaid cards set to be a major force by 2015.”

Tilley said that the event, which will focus on prepaid cards, is set to bring latest research, news and global speakers to Dubai.

“Delegates will be privy to some bullish, fresh data that gives substance to the potential of the sector,” he said.

“We have joined hands with MasterCard and TNS Global to present groundbreaking research on the prepaid market in the region, with a specific focus on the UAE, Saudi Arabia and Egypt,” he added.

“I am confident that this exclusive research will reveal very interesting observations on consumer attitudes to prepaid. This primary data is hot-off-the-press and will give a real pulse of what is happening in prepaid in the region, now.”

Tilley concluded saying that the summit will deliver a new perspective from industry leaders, including strategies to protect retail banking customers as well as a bold analysis of the impact of the downturn in the Middle East, and other markets. – TradeArabia News Service