May 25, 2022

MENA businesses more likely to use virtual credit cards than global peers

categories : banking

MENA companies are twice as likely than the global average to use single-use virtual cards

Virtual credit cards are a growing trend in the Middle East and North Africa (MENA), with companies in the region twice as likely to use them as the global average.

Tribal, a company which helps start-ups access credit, said that businesses based in the MENA region used 25.4 single use virtual credit cards, against 12.5, which is the global average. This is compared with 9.4 virtual cards used by companies in Latin America.

“The use of virtual cards in MENA is higher than global averages due to the strong penetration of fintech and digital payments technologies in the region.

“New fintech products such as virtual credit cards are in full swing in the Middle East due to the growth of digital payments in the region, which, according to the Middle East Institute, is experiencing 30 percent annual growth,” the company said in a press release.

Tribal currently has offices in the USA and Egypt and has plans to open in Dubai and Mexico soon, according to its website.

zawya

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