The National Bank of Abu Dhabi (NBAD) is the first bank to offer Verified by Visa e-commerce security solution in Visa's Central and Eastern Europe, the Middle East and Africa region, stated a press release.
Visa International has launched its Verified by Visa program — the company's security solution for online shopping — for the first time in the Central and Eastern Europe, the Middle East and Africa (CEMEA) region. The program will be rolled out at the NBAD in the United Arab Emirates (UAE), and is expected to reduce the incidence of fraud arising from online transactions by at least 50 percent.
The Verified by Visa program is an authentication system for e-commerce transactions that validates a cardholder's identity. It has been designed to increase consumer and merchant confidence in electronic commerce and to reduce transaction disputes, thereby helping to increase online sales.
According to the Executive Vice President for Market Development, Visa CEMEA, Brian Huckett, electronic commerce is now growing rapidly in the region. “E-commerce transactions on Visa cards in Central and Eastern Europe, the Middle East and Africa increased from 68,000 in March 2001 to 111,400 transactions in March 2002.”
“Transaction value on e-commerce transactions in CEMEA similarly showed some growth from $4.45 million in March 2001 to $ 7.4 million in March 2002. 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,” Huckett added
Visa-branded cards generate more than two trillion dollars in annual volume and are accepted at more than 24 million physical locations around the world, including more than 750,000 automated teller machines (ATM).
NBAD has the largest branch and ATM network in the United Arab Emirates. It operates 13 overseas branches in Egypt, Oman, Sudan, UK, France and Bahrain (OBU). The network also includes Abu Dhabi International Bank, a subsidiary incorporated in Curacao, Netherlands Antilles, but which functions as a branch in Washington. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
