News

Credit card transactions outnumber ATM withdrawals in GCC countries

July 4, 2005

Mena Report: Daily use of debit and credit cards in the GCC countries continues to grow strongly, the latest statistics from VISA International indicate. For the 12 month period ended March, an average of 730,000 purchases were made per day on VISA debit and credit cards in the GCC, representing a 30 percent growth over the previous 12-month period. Markets such as the UAE are already showing clear signs of cards replacing cash, with the numbers of purchase transactions by UAE cardholders being higher than the number of ATM cash withdrawals.

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