Statistics issued by Visa International, the world's leading payment organization, showed a steady growth of 20 percent in the number of Jordanian Visa cardholders to over 1.56 million for the 12-month period to 30 September 2005 – emphasizing the transition of the Jordanian community into a cashless payment society. According to this latest data nearly one out of every three Jordanian citizens are now Visa cardholders, demonstrating the increased trust and security that consumers are placing on Visa’s world-leading expertise in electronic payments.
Within the overall growth in Visa cards (including Visa debit, credit and prepaid cards) Jordan saw a significant increase in credit cards during the 12-month period, which grew by 116 percent to 109,793 cards. In particular, Jordanian consumers had an exceptional interest in Visa Classic and Premium cards this past year as Classic cardholders increased by 122 percent to 81,527 cardholders, while the number of Visa Premium credit cards rose by 102 percent to 28,266 cardholders.
Mr. Said Shuqom, Visa International General Manager for the Levant, stated, “The increase of cardholders is evidence that more Jordanians are realizing that payment cards are more efficient than cash. The Kingdom of Jordan continues to develop and expand economically, allowing consumer shopping opportunities to increase. I believe that as the retail market becomes more sophisticated, consumers’ confidence in cashless payments will grow exponentially as they experience the convenience and safety Visa brings to their everyday purchases.”
Mr. Shuqom continued to state, “Visa would like to thank our member banks as we work together in bringing people into the banking system at low cost. Our growth and success is strongly due to our members including Visa Jordan Card Services who are continuously developing to provide their customers with the best products and services.”
Other highlights from the data include a 28 percent increase in Visa retail transactions to 2.8 million transactions along with a 25 percent increase to US$309 million dollars in retail outlets spending since September 30th, 2004. Retail transactions allow the cardholder to make the most of the convenience and security which a Visa card brings. Furthermore, they are truly cashless transactions which keep more money in the banking system and increase the funds available for loans that are key to economic growth.
Expenditure in credit cards alone had a notable increase of 73 percent up to US$138.7 million since the previous year’s total of US$ 80 million. The growth in credit card expenditure indicates that consumers are increasingly taking advantage of the flexibility that credit products offer to better manage their finances, build stronger credit history and be able to have the added convenience of choosing whether to pay now or pay later.
Mr. Said Shuqom continued, "Our goal is to support economic growth in Jordan by providing cashless payment tools and services in partnership with our local member banks to increase the speed and safety with which money can flow through the Jordanian economy. We can create the technologies, but the adoption of these tools and services by consumers is critical to our success – and I see positive trends from these results. It is instantly recognizable from this data that more and more Jordanians acknowledge that Visa is the best way to pay as they make their daily purchases. Jordanian cardholders carried out over 19 million card sale transactions with Visa, up 10 percent since September 2004, providing a direct contribution to the Jordanian economy through on-going consumer usage."
Visa cards are accepted through a network of 14,214 locations around Jordan, compared to 13,420 locations in September 2004. The total network acceptance locations include 13,202 merchants as well as 590 ATMs. Visa's electronic points of sale have also increased by 16 percent to 8,224 points.
"Visa commends our member banks in the Hashemite Kingdom and Visa Jordan Card Services for continuing to develop the Visa network dramatically by providing the appropriate solutions to promote electronic payment services among the people," Mr. Shuqom added. “Jordan is a unique market and we are dedicated to providing the support they need to continue the development of the market for years to come.”
