17/04/2014 13:05 AST
The National Bank of Abu Dhabi (NBAD), one of the largest banks in the UAE with an expanding network of 125 branches, and CyberSource, a wholly-owned subsidiary of Visa Inc(NYSE:V), and one of the world's largest providers of eCommerce payment management services, announced a partnership to provide secure online payment acceptance capabilities to NBAD's merchant clients in the UAE.
As mobile and digital payments are poised to catapult to a significant share of the retail payments environment*, innovative merchants are increasingly looking at consumer-focused technologies to lead them through the complexities of this change. Challenges include understanding and investing in tools and technologies that are aimed atstreamlining online payments while protecting merchants from the potential pitfalls. New opportunities also present threats that can leave a business vulnerable to new and traditional channels for fraud.
"NBAD is committed to provide its merchant clients the best possible method in navigating through the complexities of a fast-evolving payments landscape.We chose CyberSource for its customer-centric approach and because its technology improves merchants' payment management experience," said Naveet Dave, Director Card, NBAD.
"Managing fraud is a balancing act," said Gups Jutla, Head of Business Development, CyberSource Middle East. "To minimize fraud losses, you need to reduce the number of fraudulent transactions going through your systems while allowing genuine orders to pass through quickly and easily. CyberSource Fraud Management includes Decision Manager, featuring the World's Largest Fraud Detection Radar that protects your business and allows you to maximize revenue, while keeping your operational costs low."
As well, traditional brick and mortar retailers are also realizing that eCommerce is not an either-or scenario - rather, it complements the overall business growth strategy. eCommerce includes mobile optimized payments for a comprehensive omni-commerce strategy.
MarkaVIP, a leading ecommerce business in the region, is one of the first NBAD customers to benefit from the CyberSource solution. "While online security remains one of the primary concerns for the majority of Middle Eastern consumers, we are seeing growing confidence and adoption of electronic payment methods. Advanced technologies that trusted international companies like CyberSource are introducing to the market are helping us build our customers' confidence in paying online, by offering them an ultra-secure payment gateway, that is also simple to use", said Ahmed Alkhatib, CEO and founder of MarkaVIP.
Smartphone penetration rates in the UAE are among the highest in the world at 73.8 percent**, and merchants have to be prepared for the anytime, anywhere, any device dynamics of omni-commerce. The industry reports that a mobile optimized website is best suited for customer acquisition, whereas an app is ideal for retention***. However, most merchants are reluctant to invest in either up front. But with CyberSource's solution for web and mobile initiated transactions, they save on those costs because a customer's device type, operating system and location is automatically detected and the cloud-based solution presents an elegant, customized and secure shopping environment for merchants and their customers, whether shopping on a laptop, tablet or smartphone.
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