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

UAE- Making payments with ID cards not very far  Join our daily free Newsletter

MENAFN - Khaleej Times - 15/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Cards and payments middle east meet begins

visitors at the cards and payments middle east 2014 conference in dubai on tuesday. — supplied photo

the uae has secured a prominent global position in developing smart identity systems and providing the finest services to the customers on the basis of the data stored in the population register.

this was affirmed by dr ali mohammed al khouri director-general of the emirates identity authority during the 15th edition of the ‘cards and payments middle east 2014’ conference. “the population register provides verifiable digital identity for each and every resident.”

dr al khouri said the authority’s whole-hearted cooperation with the payments industry in the country resulted in the launch of a number of innovative projects such as the use of identity cards in withdrawing money from atms. “this cooperation will widen in the future culminating in the use of identity cards for e-payment transactions at various sales outlets and the banking sector as a whole.”

the digital transformation will enable the uae to achieve a quantum leap in its competitive edge as it helps save millions of dollars that the public and private sectors lose as a result of fraud and related expenses to curb it.

“this will be done through actually linking smart phones and id cards by downloading data into the phone chip so the user can complete his transactions and related fee payments using the cell phone.”

this will be a simple process that takes no more than entering a pass code he stated. “you will soon see mobile phone users benefitting from identity verification data stored in their phones and completing transactions with the support of digital signature.”

global e-trade

the total expenditure on smart payment systems across the world in outlets hit 4 trillion in 2013. “there are around 1.8 billion payment cards in operation in the world.”

likewise global e-trade is expected to register substantial growth in the next three years increasing from 1.5 trillion currently to 2.5 trillion by 2018 he said. “the total number of purchases using cards is expected to reach 280 billion.”

dr al khouri said the losses happening due to credit and debit card frauds across the world in 2012 had reached 11.27 billion whereas the losses suffered by retail outlets for the same reason were to the tune of 580 million.

“these outlets spend 6.5 billion annually to fight debit and credit card frauds. the losses suffered by card issuers primarily happen at the point of sale as a result of fake card use.”

as for the traders they suffer losses during transactions in which the cards are not provided such as internet sites contact centres or mail requests he said. “some 59 per cent of the transactions worth a total of 37 billion are completed using debit cards.

“and these are verified via normal signature. eighty-five per cent of all fraudulent transactions happened using debit cards which means that 1.15 billion worth of losses due to fraud out of a total of 1.35 billion involved hand signatures” he explained.

the two-day conference will see more than 150 working papers shedding light on the latest experiences and best practices in the smart e-identity card industry. more than 240 companies from 100 countries are exhibiting their products and services at the event taking place at the dubai world trade centre.

ahmedshaaban?khaleejtimes.com


 






  MENA News Headlines
 Jul 31 2014 - Air Algerie's plane crashesMENAFN
(MENAFN) A senior official said that the Air Algerie flight that crashed in Mali last week appears to have plummeted to the ground from an altitude of 10,000 meters in just a few minutes after flying ...

 Jul 31 2014 - Dubai's Damac eyes listing shares in Dubai bourseMENAFN
(MENAFN) Dubai luxury property developer Damac is trying to attract investors to invest in converting its Global Depositary Receipts (GDRs), listed on the London bourse, into ordinary shares that ...

 Jul 31 2014 - 'Nearly 100 casualties' in Xinjiang violenceArab News
(MENAFN - Arab News) IJING: A clash in Xinjiang home to China's mostly Muslim Uighur minority left nearly 100 people dead or wounded an exile group said Wednesday after what authorities called a ...

 Jul 31 2014 - Aquino seeks to quash rumors of military coupArab News
(MENAFN - Arab News) NILA: Philippine President Benigno Aquino sought Wednesday to quash rumors that a coup is being plotted against him with his spokesman insisting he had the military's full ...

 Jul 31 2014 - Kerry in New Delhi to reboot ties with ModiArab News
(MENAFN - Arab News) W DELHI: US Secretary of State John Kerry flew into India on Wednesday for ice-breaking talks with new Prime Minister Narendra Modi forecasting a transformation in Washington's ...

 Jul 31 2014 - UK bankers' bonus: Tough rules on wayArab News
(MENAFN - Arab News) NDON: British banks will be able to claw back employee bonuses up to seven years later if the recipient is found guilty of serious recklessness the Bank of England ...

 Jul 31 2014 - Amazon to invest 2bn to expand in IndiaArab News
(MENAFN - Arab News) MBAI: The world's largest online retailer is facing off in India against a new name in e-commerce that was founded by former Amazon employees.Amazon.com Inc. said it will invest ...

 Jul 31 2014 - Mobily Wajid offers free lines to family membersArab News
(MENAFN - Arab News) Bily continues to provide its extraordinary offer to the new subscribers of Wajid that provides discounts and privileges to all family members.The new Wajid Extra and Plus ...

 Jul 31 2014 - Wife of BIS official dies in road crashArab News
(MENAFN - Arab News) E wife of a member of the governing board at the Bangladesh International School (BIS) in Jeddah was killed in a road accident on Tuesday the second day of Eid Al-Fitr.Nasima ...

 Jul 31 2014 - Indian Eid program toned down in solidarity with GazansArab News
(MENAFN - Arab News) Extensive yearly Indian community Eid program was reduced to a simple get-together ceremony on Monday night in solidarity with the victims of Gaza.Indian expatriates condemned ...

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