Home Business-Morocco Payment companies are increasingly encouraging cardholders to make VSE payments.

Payment companies are increasingly encouraging cardholders to make VSE payments.

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Payment companies are increasingly encouraging cardholders to make VSE payments. Visa International regularly launches marketing campaigns with banks. It is in this context that the brand held a prize-giving ceremony for the winners of a promotional campaign organized with Attijariwafa bank on the occasion of the 2017 African Cup of Nations.

A total of 10 winners were selected among Visa Attijariwafa bank cardholders, including 8 women.This initiative aims to reduce the circulation and use of cash for electronic and digital media.

Indeed, the share of payments by credit card to merchants and eMarchands in the overall volume of operations of Moroccan cards remains low. According to the latest statistics of the Inter-bank Electronic Banking Center (IMC), in the first 9 months of 2016, Moroccan cardholders have disbursed 8.1 billion DH for payments (16.3 million transactions) DH 107.5 billion in withdrawals (123.6 million transactions). This represents barely 7% of the amount of transactions by bank cards (payments and withdrawals combined). Added a low activation rate of cards.

The rate of use of modern and innovative media is correlated with the evolution of the economy, “the share of card payments in Morocco should not be at this level,” says the manager. The official banking rate is estimated at 64% of the population. The World Bank estimates that 14 million Moroccans are still excluded from the banking system. At the root of this exclusion is the cultural factor. But this explanation is not enough. This is also related to the usage value and utility of this payment medium. This is reflected in the rate of equipment in mobile phones.

The penetration rate of mobile telephony reached 122.65% at the end of December 2016, according to the National Telecommunications Regulatory Agency (ANRT). As at September 30, 2016, the payment cards & withdrawals issued by Moroccan banks reached an outstanding 12.7 million cards, 11.6 million of which under the Visa, Mastercard and Cmi labels.

To improve the use value of this instrument (electronic card), Visa International is increasingly positioning itself on the digital world. Through Visa Labs (Visa Labs), Visa Innovation Centers (United States Innovation Center, Dubai and London), the operator is developing new generation payment methods: contactless payment (Visa payWave), mobile payment ( M Visa or Mobile Visa), Visa payWave wearables (personal items, clothing accessories equipped with a chip that contains card data), Connected Car.

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