Without credit

The use of electronic payment cards in Lebanon and the region has grown rapidly in the past four years, according to statistics by Visa Card International. But with few exceptions, Middle Eastern markets remain debit card markets. Data provided by Visa International for the region in the period from March 1999 until March 2003 show a doubling and even a tripling in the number of payment cards issued, transaction volume and transaction value. Lebanon, which showed increases in total transaction volume of 832% over the four years (and 58% for the year ending March 31, 2003), was the second highest gainer. In terms of cards issued, the numbers quintupled in Lebanon during the past four years to about 331,000, an increase far exceeding the region-wide average growth rate of 134 percent for the same period. Only Jordan and Oman led Lebanon in the growth rates of numbers of cards issued