Visa Middle East e-commerce up 64 percent
Visa International has recorded a 64 percent growth in e-commerce transactions across the Central and Eastern Europe, Middle East and Africa region (CMEA). Transactions increased from 68,000 to 111,400 during the fiscal year ending in March 2002.
The value of e-commerce transactions in CEMEA similarly showed a 66 percent growth from $4.45 million to $7.4 million from March 2001 to March 2002. This growth clearly demonstrates the potential for e-commerce but it is still being held back. At the moment 56 percent of transactions are still paid for on a Cash on Delivery basis, while globally an average of 64 percent of e-payment is carried out by payment cards online.
As part of a regional implementation strategy, Visa International officials held meetings with member banks and card issuers in Jordan and Lebanon to introduce the Verified by Visa authentication service for Internet payment transactions. “According to recent Visa results announced earlier this month, both Jordan and Lebanon emerged as strong growth markets,” said General Manager for Visa International in Levant, Said Shuqom.
“The Verified by Visa program is an authentication system for e-commerce transactions that validates a cardholder's identity, while at the same time validating the merchant. It has been designed to reduce transaction disputes as well as the fraudulent use of cards on the Internet, thereby increasing consumer and merchant confidence in electronic commerce,” explained Visa International’s technical consultant Terry Trench.
More than 6,000 banks worldwide are already using the Verified by Visa technology and 80 of the top 100 e-merchants have signed up for the Verified by Visa program. Visa-branded cards generate more than $2.3 trillion in annual volume and are accepted at more than 29 million physical locations around the world, including more than 800,000 ATMs. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
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