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Thu 14 Apr 2011 04:15 PM

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Visa opens Middle East headquarters in Dubai

Credit card payments giant reported a 182% rise in growth in prepaid sector in Middle East last year

Visa opens Middle East headquarters in Dubai
PLASTIC MONEY Visa Inc registered 14 percent growth in payment processing worldwide last year (ITP Images)

Electronic
payments giant Visa has opened its new headquarters in Dubai, the company
announced on Thursday.

As
part of its expansion in the Middle East, the credit card payment processing
firm opened its new headquarters in Dubai Media City.

"Today's
office opening is the culmination of more than two decades of on-the-ground
presence in the region and the resulting growth in market share, products and
valued relationships with regulatory authorities, partner banks and strategic
partnerships across the region,” Elizabeth Buse, Visa's group president for
Asia Pacific, Central Europe, Middle East, and Africa said at the official
launch in Dubai.

“The
Middle East is one of the fastest growing regions for Visa worldwide, and we
continue to invest and build our presence here. The opening of the new office
today is testament to our ongoing commitment towards expanding our business and
continuing to provide our cardholders with products and services that are
designed to make payments faster, more convenient, more reliable and
secure."

In
March, Visa reported a 182 percent growth in the prepaid card sector in the
Middle East last year, with consumers in the UAE saying they are keen to move
away from credit cards and cash.

Research
by TNS Global has revealed that just six percent of UAE consumers are currently
using prepaid cards.

It
is estimated that the prepaid card sector in the Middle East, central Asia and
Africa will be worth more than $250bn in 2012, according to a host of experts
at the second regional Prepaid Summit in Dubai.

 

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Red Snappa 8 years ago

Isn't the inability of individuals who over indulged in maxed out credit cards to repay them, one of the root causes of the extraordinary economic problems Dubai now faces.

If Visa is here to promote and expand the use of prepaid cards that would very sensible. The eradication of easily accessible extravagant credit limit cards is a must for the economy.

Dubai Media City is their base which seems odd, has the the remit of DMC been expanded or is Visa just an advertising and marketing company in this case, thought they would have been better suited to DIFC?