Underlining a move away from ATM withdrawals and cash payments, Visa International has forecast a 30 percent surge in cardholder spending for Eid Al-Adha with sales expenditure at United Arab Emirates (UAE) shops and service outlets expected to reach $40 million during the week-long holiday period.
Premal Patel, head of Marketing for Visa International (Middle East) stated: “Traditionally many Gulf residents visit the UAE to take advantage of the long break of Eid Al-Adha which typically prompts a rise in spending on travel, accommodation and shopping. This year, due to the overlap with the Dubai Shopping Festival (DSF), we predict that purchases made with Visa cards during Eid Al-Adha will break all previous records.”
”In 2002, while the Eid Al-Adha holiday fell outside the month-long shopping festival, cardholder spending at point of sale terminals in UAE shops and other service outlets for the period totaled approximately $30 million, a figure which is expected to increase by at least 30 per cent this year.”
With over 17,000 acceptance locations in the UAE including shops, hotels, supermarkets and petrol stations, Visa is can be used for all types of purchases over the holiday period. “Not only does Visa offer convenience and security, but this year to celebrate our eighth year as DSF key sponsor, Visa has partnered with over 2,000 merchants across the country to offer fantastic prizes and added value benefits for cardholders when making any purchase,” Patel explained.
During the month-long DSF 2002, Visa handled more than two million transactions at point of sale terminals and recorded a growth of 22 percent in sales expenditure at shops and other service outlets compared to March 2001.
Patel added: “Based on initial figures for the past two weeks, DSF 2003 looks set to be bigger than ever before. To date we have recorded increased Visa cardholder spending together with double the number of entries for the Visa Grand Raffle Draw compared to DSF 2002.”
Visa is an international payment brand. Visa-branded cards generate more than $2.3 trillion in annual volume and are accepted at more than 29 million physical locations around the world, including more than 800,000 ATMs. The Visa organization develops payment products and technologies to benefit its 21,000 member financial institutions and their cardholders. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
