(AFP Photo)
The Middle East and North Africa region (MENA) has recorded the highest total volume of Visa prepaid card usage, with Egypt registering 10% penetration, compared to 60% in the United Arab Emirates (UAE), Visa MENA director of prepaid products Sumit Tyagi said on Friday during the 5th Emerging Markets Payments Conference (EMPC) taking place on 26 and 27 September in Sharm El-Sheikh.
MENA is the top region in terms of total volume of prepaid with 82.6% growth in the last year, according to Tyagi.
Tyagi added that the volume of prepaid cards has increased globally by 156% between 2008 and 2013, noting that most of the prepaid cards solutions complement credit and debit card solutions and help payment companies reach a segment that both credit and debit cards cannot reach.
Discussing the electronic payments situation in Africa, country director of MasterCard in Egypt Magdy Hassan said that Egypt is the second highest country in terms of internet penetration in Africa, adding that 50% of financial transactions will be done online in a four year period.
Hassan said that the transactions value in Africa is expected to reach $85bn in 2016 compared to $12bn in 2011, stressing that Africa is leading mobile payments globally.
According to Hassan, over 25% of people from the age of 14 to 34 are making their purchases online across the world, adding that web economy will grow 100% by 2016.
Cardless solutions allow consumers to benefit from ease, convenience and secure services, Hassan pointed out, adding that Egypt’s governments play a vital role in accelerating the expansion in the acceptance networks.
