VISA issues first smart card in Egypt

The VISA world association declared the beginning of using the first smart card in Egypt issued by the Arab-African Bank.

Chairman of the VISA association in the Mideast, and Africa said that an integrated network of smart technology was established for heralding new era of smart cards in Egypt.

The deputy chairman of the Arab-African Bank said that the bank issued the cards in June which represented the beginning of the Egyptian market's dealing with the third generation of the electronic credit cards in the country.

The VISA association expects the number of smart cards in Egypt to reach to 115 million in the Middle East, Africa and east and central Europe.

The volume of the annual sales by VISA amounted in 2003 to $2.7 trillion and is accredited in 150 countries.