16 - 22 August 2001
Issue No.547
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Al-Ahram Weekly Online 16 - 22 August 2001 Issue No.547 |
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Cash use in decline
PLASTIC money is rapidly gaining favour with Egyptian consumers and electronic payment is becoming increasingly popular, Shaimaa Labib reports.
To expand credit card use, EgyptAir announced last week the launch of a co- branded credit card in collaboration with MasterCard International -- one of the world's best known brands in the payment card business and a leading payment card in Egypt -- and the National Bank of Egypt (NBE). According to Mohamed Fahim Rayan, EgyptAir's chief executive officer, the company is planning to launch several programmes geared towards enhancing its competitiveness and increasing customer satisfaction. "In addition to enjoying all the benefits secured by credit cards, this particular card will enable its holder to enjoy discounts on travel tickets issued by EgyptAir, as well as discounts on purchases from affiliated Duty Free shops. Card holders will also be offered price cuts on services provided by the EgyptAir Hospital," Rayan said.
Electronic payment is fast becoming one of the most common payment methods in Egypt as a result of the increasing number of Internet subscribers, said Mohamed Belarj, managing director of MasterCard International for the Middle East and North Africa region. "The Egyptian market is increasingly growing with regard to credit card use, as the 110-per cent growth rate of MasterCard's issuance of credit cards last year reveals. This figure puts Egypt in the forefront in the MENA region, followed by Saudi Arabia and the United Arab Emirates," Belarj said.
According to Don Fan Stone, MasterCard's deputy CEO for Europe, the idea of co-branded programmes was pioneered by MasterCard, which introduced almost 9,000 programmes worldwide, the most successful of which are those launched in collaboration with airlines. "When used abroad, this card will help increase the popularity of both EgyptAir and NBE, as well as provide them with a global reach," he said.
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