Visa sees more prepaid cards growth in MENA

March 20, 2014 11:52 am

Visa has said government initiatives and an increase in e-commerce and consumer spending will drive growth in the prepaid card industry in the Middle East and North Africa (Mena) region, Gulf News has reported. The company’s prepaid card volumes grew a cumulative annual growth rate (CAGR) of 156% between 2008 and 2013, said Visa’s director for prepaid Mena at Visa Middle East, Sumit Tyagi. As of 2013, there were three million Visa prepaid cards in circulation across 24 countries in the Mena region, he said. “As of last year, we had 82% growth in total volume. I see the growth rate which we have currently to continue over the next few years,” Tyagi told the daily.