Gulf Customers Moving Away From Credit

What's Next In Payments®
3:19 PM EST February 4th, 2013

According to MasterCard, customers in the Persian Gulf are moving away from credit cards, towards debit and prepaid cards. The move is driven in part by a tightening on bank lending rules, imposed after the 2008 financial crisis. Michael Miebach, MasterCard’s president, Middle East and Africa, explained how the increase in bank lending regulation has led consumers to abandon credit cards. While payments in the region have been characterized by a reliance on cash – they amount to 85-90% of all payments – electronic payments have always been credit-centric.

Read the full story here.

Topics:
Comments
Also by This Author
What's Hot
News
i2c Chosen To Power Expansion For Tuxedo Money Solutions
International
‘Silver Surfers’ in Britain Topping Mobile and Online Banking Growth Charts
Apple Pay Tracker
Apple Preparing an Apple Pay for Music?
Merchant Innovation
Smartphone-Only Bank Launches in Germany
View All Articles ››
You May Also Like
Company Spotlight
Different mPOS Strokes for Different mPOS Folks
International
Digital River Offers A Sneak Peak At Mobile eCommerce Trends
Mobile Commerce
Trustwave Buys Cenzic To Beef Up App Testing Capability
News
i2c Chosen To Power Expansion For Tuxedo Money Solutions
Alternative Financial Services
Why ATMs Love Blizzards
Mobile Commerce
KFC to Streamline In-Store Mobile Payments in UK
Karen Webster
The Fed’s Slow March To Maybe Faster Payments
View All Articles ››