Payment cards are changing

Clients are increasingly relying on credit cards instead of consumer and personal loans, following a rise in loan interest rates. Banks are launching campaigns to encourage people to use their payment cards. Financial institutions are intensifying their efforts to go cashless with the introduction of more innovative payment solutions including better developed mobile applications for a seamless experience.

WIDER PENETRATION

The number of payment cards in circulation increased by six percent last year, compared to 2017, according to the Central Bank (BDL). “The growth in payment cards is attributed to targeted efforts to reach the youth,” said , Deputy General Manager and Head of Retail Banking at BLOM Bank. Credit card issuance remained almost stable, registering only one percent growth. The use of debit cards grew by six percent last year. Electronic payments registered record growth of 20 percent in 2018, compared to the previous year according to Visa. “The growth of e-commerce is boosting electronic payments,” said , General Manager of the Levant at