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Visa highlights market growth at Prepaid Summit: Middle East 2011

Visa witnesses 182% growth in prepaid segment in Middle East region in 2010

Delegates predict an increase in prepaid card issuance

UAE, 8 May 2011: Visa , one of the world's leading payment solutions providers, highlighted the recent developments and substantial growth within the prepaid market in the Middle East region in 2010 at the second VRL Prepaid Summit: Middle East 2011. The Summit which took place in Dubai covered the latest regional and international research on the progress of the prepaid market and its expected advances in the future.

Visa , the title sponsor for the second year in a row, highlighted its growth in the Middle East's prepaid card market in 2010. Delegates at the summit heard that Visa had witnessed a 182% growth in payment volume growth in the prepaid segment in 2010 across the Middle East.

The two day summit covered a range of industry topics including how to promote customer awareness through education, the latest innovations in contactless, loyalty schemes and payment channels. The summit also included for the first time an audience voting system, which was sponsored by Visa , to collect the views of some of the most influential prepaid industry players attending the summit.

The poll, which canvassed the opinion of attending delegates, captured feedback from 150 industry experts. The majority of whom expected payroll/remittance to be the fastest growing prepaid product in the next five years, even outstripping government disbursement. The poll also highlighted that 73% of attendees who voted believe that the majority of the banks will embrace the prepaid segment with increased issuance expected in the future compared to the select number of banks which currently offer prepaid payment solutions.

Mr.Kamran Siddiqi, Group Country Manager Visa Middle East, said in his opening speech: "Prepaid is one of the most exciting categories in the payment industry and is emerging as an innovative growth opportunity delivering consumers with added benefits including the ability to manage money effectively. Visa , has spearheaded the introduction of prepaid payments in the region for several years and it has been proven to be the fastest growing form of payment for us in the region."

Siddiqi also added: "The shift to prepaid has been driven by factors such as the globalization of the world's work force, a shift to electronic payments and the need for more convenient payment methods which provide both banked and unbanked individuals access to their funds. For example, in the UAE, consumer gift cards and the corporate payroll cards are among the most popular prepaid payment solutions. Despite the tremendous growth much education and awareness is still needed in the Middle East to fully reap the benefits of this payment innovation."

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About Visa
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world's most advanced processing networks--VisaNet--that is capable of handling more than 20,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa 's innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.

Contact: Visa : Rawan El Saleh, DABO & CO - Tel: +971 4 344 4901 or email: rawan.e@daboandco.com

© Press Release 2011