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Qatari Visa cardholders' spending growth fastest in ME

Qatar has the fastest retail card spending growth of any country in the Middle East for the second year running. Payment for goods or services that were made using Visa payment cards, excluding cash withdrawals from ATMs, grew by 83 per cent in 2005.

Travel has been one of the driving forces behind the rapid retail spending growth. Among GCC countries, Qataris, along with Omanis, registered the highest percentage of spending per card while they are travelling outside the country. Qatari-issued payment cards were mostly used in the UK which reflects that it's the favourite destination for the residents of Qatar with the biggest expenditure being made on lodging and hotels while abroad.

Kamran Siddiqi, General Manager for Visa International in the Middle East, said "Qatar spending statistics for 2005 reflect a trend among travellers away from hard currency to payment cards. "As the most widely accepted payment card around the world and the most convenient and secure way to pay, Visa cards are becoming an increasingly indispensable aid while travelling. Carrying cash from one developed country to another is simply not necessary anymore. Using Visa payment cards is easier and safer. The risk of receiving counterfeit currency during travels is removed and travellers can easily keep track of their expenses whilst away from home."

With a 50 per cent increase in the number of Visa cards issued in 2005, the growth of retail spending by Qataris was mainly due to the Visa Electron Card, which achieved its highest ever expenditure amounts for Qatar growing by 116 per cent year on year, while the spending on Visa Gold and Platinum Cards grew by 74 per cent.