Morocco’s Hightech Payment Systems (HPS) has launched operations in the Middle East, with the opening of its new office in Dubai Internet City (DIC). The software company, which provides a range of payment solutions for businesses, is looking to get closer to its existing Middle East customers and to capitalize on changing patterns in the use of credit cards, ATMs, POS and payment by mobile phone in the region.
People in the Gulf top the ratings for individual spending on credit cards, and the number of cardholders is growing exponentially year-on-year. In 2002, the combined number of MasterCard and Visa cards in use in the region was approximately 10.7 million.
Several banks across the region have also introduced smart card technology, providing intelligent services to customers and further boosting demand for payment services. In addition, a report by RBR Research says that the number of automated teller machines (ATM) will rise by 60 percent by 2004.
This momentum increases the need for companies to invest in secure payment management solutions. HPS' PowerCARD technology, which enables companies to process information from prepaid, debit, credit, purchase, payroll, loyalty, ATM and other types of cards, has already been adopted by a number of financial institutions in the region.
PowerCARD is a comprehensive suite of Web-based software packages, which integrates front-end functions, such as ATM switching, POS driving and managing data from certified interfaces like MasterCard, Visa, Diners and American Express, and back-office functions, including credit card management, merchant acquiring and national and international clearing. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
