Plastic cards reach
the two million threshold

Growth is registered in terms of
card numbers, penetration, and transactions

The number of payment cards has reached two million, at the end of 2014, an increase of more than 11 percent from the end of 2013, according to the Central Bank (BDL).

“The penetration of cards is high and increasing on a yearly basis,” said Jocelyne Chahwan, Assistant General Manager and Head of Retail Banking at Blom Bank, who estimated that “each household has two plastic cards, at least.”

The growth is not limited to the number of cards. “We also notice an increase in the usage through transactions,” said Youssef Eid, Assistant General Manager and Head of Retail Banking Group at BLC Bank.

Debit cards reached 1.22 million at the end of 2014, up from 1.19 million in 2013.

“The market trend is still toward debit cards, followed by credit cards, and prepaid cards,” said Chahwan.

Credit cards grew by 8.1 percent to 520,000 in 2014. Prepaid cards reached 515,000 in 2014, up by more than 56 percent. “Prepaid cards are highly used by the younger generations,” said Eid.

Cardholders are more likely to spend on retail, mainly shopping, as well as on entertainment, including restaurants and travel. “Clients use cards less often at supermarkets, gas stations, coffee shops, and fast food restaurants,” said Chahwan. “That’s why there is a big potential for growth in these areas,” she said.

Eid said that “spending through cards is also growing abroad.” He said that clients usually spend the most on “hotels, shopping, and restaurants.”