Quotes: 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


 


Khaleej Times




  MENA News Headlines
 Jan 27 2015 - More Emirati students join Qasr Al Hosn Festival AmbassadorsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) More than 250 university students from across the Emirate of Abu Dhabi will be selected to act as the Qasr Al Hosn Festival Ambassadors during this year's ...

 Jan 27 2015 - DXB takes over top spot for international passenger trafficEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dubai Airports today released its year-end traffic report which confirm that Dubai International Airport, DXB, has secured its position as the number one airport ...

 Jan 27 2015 - New Abra services in Abu DhabiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) A new water taxi service using a traditional wooden abra has been launched to connect two of Abu Dhabi's prime waterfront tourist destinations. Passengers can ...

 Jan 27 2015 - EGA Golfers to rub shoulders with world's best at omega Dubai Desert Classic Pro-AmEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) A select group of golfing guests of Emirates Global Aluminium, EGA, will enjoy one of the most memorable playing experiences of their lives when they compete in ...

 Jan 27 2015 - OPEC daily basket price for Monday announcedEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The price of OPEC basket of twelve crudes stood at US $42.90 a barrel on Monday, compared with US $43.69 the previous Friday, according to OPEC Secretariat ...

 Jan 27 2015 - Over one million Umrah performers cross King Abdulaziz International Airport within 45 daysEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) JEDDAH, 27th January, 2015 (WAM) - The number of Umrah performers arriving and departing from King Abdulaziz International Airport in Jeddah since the start of ...

 Jan 27 2015 - UNDP issues new development report spotlighting string of successes in Asia-Pacific regionEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The United Nations main development programme has spotlighted its string of successes in 36 countries and territories in the Asia and Pacific region in the areas ...

 Jan 27 2015 - ADES 2015 to run from 18th to 21st March at ADNECEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DOME Exhibitions today announced the third edition of Abu Dhabi Electronics Shopper, ADES 2015, the largest consumer electronics exhibition in Abu Dhabi, will ...

 Jan 27 2015 - GCC Secretary-General meets with UN officialEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dr. Abdullatif bin Rashid Al-Zayani, GCC Secretary-General has met with Ashok Nigam, UN Resident Coordinator and Resident Representative of the United Nations ...

 Jan 27 2015 - Saudi- Dawn of a new era under King SalmanArab News
(MENAFN - Arab News) A new era dawned in Saudi Arabia on Monday under the leadership of Custodian of the Two Holy Mosques King Salman as citizens across the country expressed their confidence in the ...

more...


 






Google

Internatinal Property Show

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help