http://www.dawn.com/2007/01/17/ebr6.htm


Pakistan ahead of India in Visa card use




By Our Staff Reporter

KARACHI, Jan 16: Pakistan is second only to China, and much ahead of India in the region, in adoption of credit and debt card payments as Rs15 billion transactions were made through Visa international cards in just one quarter of July to September 2006.

“Cardholders used their cards most often to purchase retail goods that constituted almost 39 per cent of their Visa purchases, followed by 26 per cent transport, nine per cent professional and commercial services, eight per cent in restaurants and food outlets, four per cent healthcare and four per cent in accommodation,’’ James Murray, the Executive Vice President (South and Southeast Asia), Visa International, said.

James Murray inaugurated on Tuesday the first Visa office in Pakistan where it operates through 16 local and international banks in more than 25,000 business houses.

Seven banks are already involved in transactions, and they are Bank Alfalah, Dubai Islamic Bank, Habib Bank, Standard Chartered , United, MCB, while nine others are to join the club soon.

“Pakistan’s economy is booming and it is well reflected in about annual 80 per cent growth in Visa card business after 140 per cent growth by China,’’ James Murray said who pointed out that India showed 65 per cent growth. “Continuing from past three years’ trend, Pakistan showed consecutively more than 50 per cent growth in card sales volume,’’ he said.

This, he said, illustrates how Pakistani cardholders are becoming increasingly sophisticated and are more willing to embrace electronic payments in more aspects of their lifestyle.

He said that Visa has had many successful programmes across the world with banks, merchants, cardholders and with local governments.

“We hope to continue this trend in Pakistan as we explore how best Visa’s payment products will best be able to address this issue here which is very close to the hearts and minds of public,’’ he said.

James Murray expects 10 million Visa card holders in next one year — six million debit card holders and four million credit holders. Globally, Visa products generate more than four trillion dollars in sales volumes, and it is being accepted in more than 24 million locations.

Credit card is a death trap ... I hope we use the credit card wisely.

Yeah. Let's not forget what happened to the south korean credit card sector in the late nineties.

yh lets hope the situation doesnt turn bad like its turning bad in the UK

as long as debit card increases more than Credit card use, then it wont got too pearshaped for people.

About two-thirds of the U.S. economy is based on consumer spending. So if they all squeezed their household budgets to payoff their debts, they would likely see a sharp decline in GDP and a huge spike in unemployment. Without all that spending, there would no need for millions of jobs – from the people who make the cardboard boxes to package all the stuff US Consumer buy to the people who work in the stores, restaurants and malls that make a living serving it up.

Micro finance makes 3% of Pakistan's economy compare to 10% of Indian and over 70% of US Economy (to me it's a strength because we still outperform US and India in GDP growth). It is not harmful to have robust growth since we have long way to go. We might have to look out after couple a decades.

Another step one the road leading to Hell for Pakistan.

As a muslim country we should be working against the spreading of Riba(Interest). In stead we are basing our, already weak economy, on even more interest related transactions.

May Allah swt protect us all from the Azaab-un-Naar and show us the Right path, and not the path of Shaytaan. Ameen.

When its inevitable enjoy it !

Listen Bro,

All of us here feel same way as you have expressed, we have two chioces, either to alianate ourselves from rest of the world or be part of it and try to strenthen us as an Ummah so one day we can stand on our feet. The former seems to be more plausible, once we get rid of the system we are supposed to be a part, definately things would be different.

As regards the Credit Card, I am not in favour of it and untill today I dont have one, but I dont see any harm if people are using credit card wisely. The debit card culture is what we need to develop it, Malaysia have planned to become a paperless cociety by 2020 that means there wount be any major cash transections but electronic.

I am subscriber of some websites who only accept the credit card and some time I have to ask a friends card to pay and pay my friend in cash. In case we start opposing each development on basis of our belief we would be left far behind.

This is time of our reformation and we can only get along the rest of the world and secondly the usage of Credit card is generating the circulation of money in our society which was not seen before and its a positive thing, every thing have positive and negitive effects and we always have to go for whats benificial for our development, if I am not wrong Almighty have given us the choice of Ijmah to decide in such situation in best intrest of HIS followers.

in pakistan it is becoming fashion and when i went back to pakistan on vocation and i paid cash in some hotel my friend make fun for that oye ..... u dnt use your card, and bla bla it was coz my debit card was not visa and i dont want to use credit card so i paid cash so they said oh keep change and he gave his credit card though he can efford but still this is trap please brother please please dont use credit card its a worst than any other trap. pleas i have first hand experience and i just free my self from credit card trap.

i request you to please not on any cost use credit cards

it is not the thing to be proud, it is thing to be worried.

pakistan zindabad.

i agree with you bro. I have seen many people get really screwed up with credit cards.

however, i have had a credit card for over 10 years and never got into any trouble. if used sensibly it can be a very convenient source of emergency cash.

last time i checked my balance it was zero! thats the way i like it.

Consumer-driven growth is a major force in any capitalist economy.
Credit is the basis for a consumer-driven market. You guys are arguing against the capitalist model if you say credit use is bad...

The preferred choice for people should be consumer financing through Islamic banking. No matter how much developed it is in Pakistan yet, still you made the choice to go for it then you get Allah's blessings. But to deliberately go for the interest based credit cards is not permissible in Islam.

The best things is control your emotions and wait till you save what you want to buy. You'll feel much better using things that you own and not owe.

lol.

which country did do good in credit card :) eventually everyone is going to suck down.

A suggestion: the credit card name should be changed to Karza card. Only then people will refrain from using it.

Please do note that loan and Karza are the words people avoid. Credit word just make it easy to pass that moral and psychological barrier that word loan and karza implement.