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"Just For You" Visa Cards Highlight Online Spending Trends Among UAE Nationals, Residents

A Safer, More Secure Way to Shop Online toReduceInstances of Fraud - A Major Driver in Pre-Paid Card Usage

Dubai, United Arab Emirates --Four months after its launch in the UAE, the "Just For You" Visa Card is highlighting a number of trends in pre-paid card usage across the Emirates. Analysis of customer contact between Majid Al Futtaim Finance, issuers of the card, and customers who have purchased and used "Just For You" Visa cards has revealed that almost 70% of pre-paid card users are GCC nationals, with the remaining 30% split evenly among Asian and Western expatriates buying the card for gifts for various occasions and online shopping.

Majid Al Futtaim Finance has seen a significant uptake in card purchasing around major gift-giving periods since its launch, most notably with Valentine's & Mother's Days. Other card usage indicators point to birthdays and other special occasions such as graduations and anniversaries.

Ongoing customer feedback shows that the Just For You card really is the ideal alternative to unwanted gifts as it allows recipients to choose their own gifts, and to make purchases at any store or online where Visa is accepted. Increasingly, the issuer is seeing a strong majority confirming that they acquired the card specifically to make online purchases due to security functions this product offers.

"Before launching the 'Just for You' pre-paid card, we understood that a cash culture is prevalent in this region, and we saw our Visa Just For You Cardoffering from Majid Al Futtaim as a compelling new cashless option as well as an affordable way to use 'plastic' for people who don't qualify for or prefer not to use a conventional credit card or a debit card that is debited directly from your bank account," said Majid Al Futtaim Finance CEO Rasool Hujair.

"But what we have found, through speaking with customers after thousands of cards have been sold and used for purchasing in the last four months, is that consumers are increasingly taking advantage of Just For You Visa Card for personal use. This Card is a significantly less risky way to shop online on Amazon and other e-tailers, use PayPal, or visit the iTunes store, without exposing themselves to fraud and identity theft," he added.

Because the "Just for You" card can be loaded in increments from AED 100 - AED 3500, the risk of costly and time-consuming wrangling over credit card theft issues is significantly lower than with post-paid credit cards, which may have much larger limits. The Middle East has seen an increase in credit card fraud since the financial crisis, with the region's status as a shopping haven also generating more criminal activity related to post-paid cards. According to payment provider ACI, Dubai is one of the world's top five markets for credit card fraud threats to consumers.

For an added layer of security, the Dynamic CVV feature is also built into the "Just For You" Visa card. In a nutshell, this SAFE Code is the security equivalent of getting a new credit or debit card to a cardholder for each online purchase. The Dynamic CVV technology makes it possible for the cardholder to easily generate and confirm a unique CVV for every online purchase made. SAFE codes are always changing, are purchase specific and have a short life span of just hours.

Since December 2010, millions of dirhams have been loaded onto "Just for You" Visa cards, with research by Majid Al Futtaim Finance showing that 500 dirhams per card is the current average. Positive anecdotal market feedback has come from expatriate users who purchased cards for their family to travel internationally and also spend in the UAE, as well as Arab national consumers who bought the card to shop online with Amazon and other retailers.

UAE Resident ShadanMirachor who is a frequent user of the card said, "I am very happy with the card features and especially love the fact that I can pay for everything online from my ticketing to Amazon purchases. I have purchased the cards from ENOC and Carrefour at a frequency of 2 cards per month."

Unlike other pre-paid cards available in the UAE, "Just for You" Visa cards do not require a passport for purchase and are widely available at over 150 participating locations such as ENOC and EPPCO stations, Zoom convenience stores, Geant Carrefour and both Al Ghurair Exchange and Al Fardan Exchangeoutlets across the UAEfor a cost of AED 15.

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About Majid Al Futtaim Finance LLC
Majid Al Futtaim Finance LLC is a 100% owned subsidiary of Majid Al Futtaim Ventures . The objective of this venture is to fulfill our vision of becoming the consumer's credit card and prepaid card of choice. Currently issue VISAand JCB credit cards in UAE and have plans to expand across Middle East & North Africa.

Press Enquiries: For further information please contact Nerry Toledo at The Portsmouth Group on +971 4 369 3573 or email nerry.toledo@theportsmouthgroup.com and Ibrahim Asran on +971 4 3693568 or email ibrahim.asran@theportsmouthgroup.com

© Press Release 2011