Summit sees big prospects for prepaid
Dubai, March 23, 2010
Up to 85 per cent of transactions in the region are cash transactions, which creates a massive opportunity for the prepaid cards, said a key speaker at a prepaid summit in Dubai.
The two-day Prepaid Summit: Middle East 2010 opened yesterday (March 22) at the Westin Hotel and will focus market opportunities available for cashless transactions in the Middle East.
“Education, awareness and regulations will drive the prepaid market that is already showing real potential worldwide,” Will Cain, VRL group editorial director for cards and payment, VRL Financial News, a leader in the financial services market.
Scott Salmon, head of Prepaid Global Market Expansion, VISA said: “Prepaid has over 55,000 programmes in more than 60 countries. The Central Europe, Middle East and Africa market has seen growth of 300 per cent per annum in the last six years.”
The drivers of growth are factors such as shift to e-payment, increasing spending power of youth and remittances, he said.
“Middle East region will see government regulations of salary transfers as the main growth segment,” said Salmon.
More than 30 speakers are presenting the delivery and success models of prepaid to delegates and trade professionals who attend the first prepaid summit of the region. – TradeArabia News Service