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
 May 23 2015 - Oman's ORPIC takes out USD910m loanMENAFN
(MENAFN) Oman Oil Refineries and Petroleum Industries Co. (ORPIC) has taken out a USD910 million ten-year loan from local and regional banks, Arab News reported.The money will be used to "meet ...

 May 23 2015 - Jordan's economy grows 3.8 percent amid political crisesMENAFN
(MENAFN) Jordan's economy is robust despite spillover violence along its borders from wars in Syria and Iraq, the central bank governor said, Arab News reported.Weak oil prices that have cut the ...

 May 23 2015 - Egypt to launch USD3b LNG tender over 2016-17MENAFN
(MENAFN) Egypt is set to launch what will be a highly sought after tender in early June to buy up to USD3 billion of liquefied natural gas (LNG) over 2016 and 2017, Arab News reported.Egypt has ...

 May 23 2015 - Iraqi forces clear path to key refinery: USThe Peninsula
(MENAFN - The Peninsula) Iraqi troops fighting Islamic State group forces have cleared a ground route into the country's largest oil refinery, the US military said Friday. "Iraqi Security Forces and ...

 May 23 2015 - Priest kidnapped in Homs region of Syria: NGOThe Peninsula
(MENAFN - The Peninsula) A priest of the Syriac Catholic Church in the western Syrian city of Homs was kidnapped Thursday along with one of his colleagues, the NGO l'Oeuvre d'Orient told AFP Friday. ...

 May 23 2015 - Suicide bomber in deadly attack on Shia mosque: SaudiThe Peninsula
(MENAFN - The Peninsula) A suicide bomber set off an explosion during weekly prayers in a Shia mosque of eastern Saudi Arabia leaving many dead Friday, the interior ministry said. "It has been ...

 May 23 2015 - Iraqi forces to launch Ramadi fightback in 'coming days'The Peninsula
(MENAFN - The Peninsula) Iraqi government and allied forces will launch an offensive aimed at retaking the city of Ramadi from the Islamic State group in the coming days, a spokesman said on Friday. ...

 May 23 2015 - Iraq- 55,000 have fled IS-captured Ramadi since mid-May: UNThe Peninsula
(MENAFN - The Peninsula) The United Nations said Friday that around 55,000 people had fled Ramadi since a surge by the Islamic State group in mid-May that landed the Iraqi provincial capital in the ...

 May 23 2015 - IS capture of Palmyra 'threat' to key site: Arab LeagueThe Peninsula
(MENAFN - The Peninsula) The Arab League on Friday condemned the Islamic State group's capture of Palmyra, saying the Syrian city's seizure posed an "eminent threat" to the international heritage ...

 May 23 2015 - Sudan Islamists protest against Morsi death sentenceThe Peninsula
(MENAFN - The Peninsula) Hundreds of Sudanese Islamists protested outside a UN office in central Khartoum Friday against the death sentence handed down to Egypt's ousted president Mohamed Morsi by a ...

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

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