Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Fraud and Security considered key challenges for payments sector, reports Network International  Join our daily free Newsletter

MENAFN Press - 29/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN Press) A significant percentage of the region's financial institutions and multi-channel retailers say fraud, security and risk management are considered the biggest concerns affecting their organizations, according to a study unveiled by Network International, the leading payment solutions provider in the Middle East. Titled, "GCC Payments Innovation Survey 2014," the first-of-its-kind payments study in the region is aimed at providing insights into the perception of financial institutions and retailers with regards to the challenges and opportunities faced by the payments sector.
Stakeholders of the payments sector identified seven key themes that are expected to dominate the sector through 2014. These include fraud & security, narrowing payment margins, increasing focus on mobile-related payment modules, value-added services linked to payments, digital wallets, significance of loyalty-programmes and the growing presence of innovation-focused organisations in the payments world, traditionally the domain of financial institutions and banks.
According to the "GCC Payments Innovation Survey," 53% of respondents rated fraud and security as the major payments issues affecting their organizations. The cost of accepting card payments along with narrowing margins for payments (45%) was cited as another key challenge for the stakeholders. Additionally, 51% of the respondents reported risk management represents a key focus area for them.

While security and risk management top the list of challenges, 43% of the industry stakeholders believe that mobile payments represent significant opportunity for banks and retailers in the region, with majority of the respondents feeling optimistic about the untapped possibilities of digital wallets. The ability to enhance consumer experience (62%) and easier payment options (55%) account for the optimism about digital wallets.

Bhairav Trivedi, Chief Executive Officer, Network International, said: "As the payments leader in the region, we are delighted to present the findings of the first GCC Payments Innovation Survey, which was administered with the aim to understand insights of key stakeholders, whilst providing reliable data on the regional payments industry. By addressing an array of topics, ranging from challenges, opportunities, innovations and future drivers for the regional payments sector, we are confident that the outcome of the study will serve as reference material for a wider spectrum of stakeholders including financial institutions, merchants, and regulators. It is our ambition to provide such valuable insights on a regular basis, thus furthering our understanding about the future of the payments sector."

Meanwhile, innovation is reportedly a key factor that continues to drive the payments industry in the Middle East. Introduction of mPOS machines (51%), followed by contactless payments (44%) and digital wallets (41%) appear to be the latest payment innovations that have enormous growth potential in the region. Representing a significant part to play in payment innovation, three-quarters of the respondents believe that banks and payment institutions will lead future innovations in the sector. The study also reveals that approximately half of the respondents (52%) consider technology giants such as Apple and Google to be the future payments innovators.

Speaking of the survey findings, Paolo Zambonini, Executive Vice President “ Product & Innovation, Network International, said: "The findings from the first-of-its-kind survey are a true reflection of the significant growth potential for the regional payments industry. Furthermore, the themes that have emerged from the survey testify the importance of innovation, which is a critical determinant of the future success of the payments sector. We would also like to thank all valuable stakeholders who have provided great insights through the survey."

Respondents were also asked by Network International to name the factors that will drive the eCommerce and online payments sector. A clear majority (83%) regards secure payments as a key enabler of online payments, followed by fulfilment honouring (64%) and hassle-free check-out facilities (63%). Loyalty schemes appear to be an important element for stakeholders with simpler loyalty programs (69%) cited as more beneficial, followed by travel linked incentives (62%) and location-based loyalty benefits for customers (53%).


About Network International
Established in 1994, Network International LLC is the largest acquirer in the UAE, and a leading payment solutions provider in the Middle East and North Africa (MENA) region. The company's service offering comprises a comprehensive range of payment products and services for both the Issuing and Acquiring segments of banks, financial institutions and retail merchants. This includes credit, debit and prepaid card processing, ATM management and monitoring, merchant acquiring and processing, fraud management, ecommerce services and mobile solutions for the payments industry. In addition, the company offers several value-add products including data analytics, scoring and loyalty solutions with the objective of enabling speedy, secure, convenient and efficient payment transactions for customers. Network International has Operation centers in the UAE, Egypt and India, with its corporate office in Dubai. The company continues to invest in strategic partnerships that will increasingly see its influence spread across the region.Network International is a Principal Member of Visa International and MasterCard International in the UAE and enjoys extension of its MasterCard License in other key countries. It is also a member of JCB and Union Pay card schemes, and it owns and manages the Diners Club Franchise in the UAE, Egypt, Lebanon and Jordan. In 2013, the company launched a GCC based domestic scheme, Mercury, and partnered with Discover Financial Services (DFS) to allow global acceptance of Mercury cards on the Discover, Diners Club International and PULSE networks. Network International, a Payment Card Industry Data Security Standard (PCI DSS) certified company, is also a major player in the international remittance industry and owns a majority stake in TimesofMoney Ltd., a leading global online remittance and digital payments company facilitating cross-border remittances and domestic payments in emerging economies.

 


MENAFN Press




  MENA News Headlines
 Oct 26 2014 - Afghan president visits Saudi ArabiaArab News
(MENAFN - Arab News) KABUL: Afghanistan's President Ashraf Ghani Ahmadzai on Saturday made his first overseas trip since taking office fulfilling an election promise to undertake a religious ...

 Oct 26 2014 - Tens of thousands protest Renzi's job measures in RomeArab News
(MENAFN - Arab News) ROME: Tens of thousands of Italians took to the streets of Rome Saturday for a demo organized by Italy's largest trade union to protest Prime Minister Matteo Renzi's plans to ...

 Oct 26 2014 - France announces big coalition air raid against IS in IraqArab News
(MENAFN - Arab News) PARIS: The international coalition currently battling the IS group in Iraq dropped around 70 bombs on an arsenal and militant training center in a large-scale overnight raid the ...

 Oct 26 2014 - UN climate chief hails EU dealArab News
(MENAFN - Arab News) BONN: The UN's climate chief hailed a European agreement on greenhouse gases Friday as providing 'valuable momentum' for a world pact to be inked in Paris next year.The goals set ...

 Oct 26 2014 - Russia still has troops in Ukraine NATO saysArab News
(MENAFN - Arab News) MONS Belgium: Russia still has troops in eastern Ukraine and retains a very capable force on the border despite a partial withdrawal NATO's military commander said on ...

 Oct 26 2014 - Canadians seek to understand Parliament shootingArab News
(MENAFN - Arab News) OTTAWA Ontario: Authorities and ordinary Canadians sifted through confounding shards of a gunman's life seeking to understand what motivated the man to storm the nation's seat of ...

 Oct 26 2014 - Abu Dhabi int'l Airport traffic up 23.9 percent in SeptemberMENAFN
(MENAFN) Abu Dhabi Airports reported an increase in passenger traffic by 23.9 percent during September compared to the same month last year, with 1.696.651 passengers using the airport during the ...

 Oct 26 2014 - Morocco, Chad sign agreementsMENAFN
(MENAFN) Morocco announced it has signed a set of agreements and memoranda of understanding with Chad regarding several fields, QNA reported.The agreements which were signed by both countries include ...

 Oct 26 2014 - BASF warns on profitsArab News
(MENAFN - Arab News) BERLIN: Chemical and oil company BASF is warning that its profits will come in below its previous forecast in the wake of slower global economic growth and industrial ...

 Oct 26 2014 - Saudi- Fawaz Alhokair's net profit rises 7.72Arab News
(MENAFN - Arab News) JEDDAH: Saudi Arabia retailer Fawaz Abdulaziz Alhokair Co. reported a 7.7 percent rise in second-quarter profit as sales increased and it made foreign exchange gains but the ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help