Second UAE Card Security Week Focuses on Emerging e-commerce Sector

Technology

Second UAE Card Security Week Focuses on Emerging e-commerce Sector

The Department of Economic Development (DED) in Dubai, and global payments technology company, Visa (NYSE: V), today introduced the second UAE Card Safety Week, an education project that intends to promote safe on-line buying practices and assist protect cardholders against various payment-related fraudulences. This is the 2nd year straight that Visa and DED are running the campaign in the UAE.

The week's theme is staying safe when going shopping online, with Visa and DED evaluating consumers across the UAE to understand their experiences, mindsets and habits concerning ecommerce.

Mohammad Ali Rashed Lootah, Chief Executive Officer Commercial Compliance & Customer Defense, DED, said: "With the country's ecommerce industry proliferating, UAE Card Safety and security Week is a vital and timely possibility to enlighten consumers regarding remaining secure online. This study highlights the several chances that have been recognized, while likewise determining a variety of difficulties that still lie in advance. Specifically, the industry's ongoing growth now depends upon the quality of the client experience and the safety of their purchases being kept despite ever-increasing quantities of activity.

UAEs e-commerce sector surges
The research study discovered that the majority (56 percent) of UAE consumers are currently constant on-line shoppers, making acquisitions at least when a week, compared to 39 per cent in the same study from in 2014.

Meanwhile, the number of infrequent shoppers, particularly those making on the internet acquisitions every two to three months or less, has actually halved in a year, from 20 per cent to 10 percent in 2017. The ordinary regular monthly amount spent online is likewise slightly increasing, from AED1,375 to AED1,479, while one fifth (21 per cent) of participants say they invest more than AED2,000.

The UAE's ecommerce industry is seeing considerable development across nearly all classifications, inning accordance with study respondents. Travel and home entertainment and utilities stay key categories, while film tickets (up 18 percent) and restaurant orders (up 17 per cent) and grocery stores (up 16 per cent) all saw significant growth over the in 2015. Federal government repayments boosted by 12 percent pointing to the success of the UAE's smart city efforts.

Security concerns and quality issues could be holding back e-commerce
The study recognized reluctance among some consumers to pay online for certain goods and services they get online. For all item groups evaluated there is 4-12 percent difference between customers purchasing and paying for items and services online, with the trend particularly articulated with clothes/apparels, digital items, restaurant orders and food items, recommending people want to see the goods initially before making payment. This discrepancy produces unnecessary rubbing in the system, such as the trouble to consumers of needing to take out cash, and the expense to sellers of dealing with cash and checks.

Overall, however cards continuously acquire appeal over cash. 68 percent of participants claim they like utilizing cards to earn on the internet settlements, up 5 percent on the 2016 study. Conversely, cash-on-delivery dropped in appeal to 22 per cent (down 7 per cent).

Being safe and secure when shopping on the internet remains to be highly vital to UAE customers, but the research study discovered the a lot more consumers use their cards, the extra secure they really feel. 79 percent of settlement card individuals say they feel secure when paying online, as compared to 37 per cent of non-users.

While customers are right to be alert when going shopping online, the study located the reported occurrence of repayment card fraudulence is really relatively low at 14 per cent, generally in the line with last year (15 percent).

Preserving energy in the UAE's shopping field and cashless economic situation drive
Approximately a third of respondents (32 per cent) claim an obstacle to them paying by card online is that they wish to see the item first-hand before paying, while 42 percent select cash on shipment since it ensures item delivery.

Consumer anxiety about purchasing online is intensified by concerns about unfamiliar sites, with only 12 per cent reporting they would go shopping from sites they do unknown. Security issues and an absence of trust fund in the direction of item quality are mentioned as the most biggest barriers.

The research recommends that a person of the tricks to broadening the ecommerce market and enhancing using digital repayments is for sellers to use a clear reimbursement or substitute policy. Extra price cuts and benefits would certainly also influence 85 percent of participants to pay electronically when going shopping online.

A safe and secure online shopping environment Visa encourages on the internet customers to take measures to safeguard their card when shopping online, for example by not sending their card number and CVV by e-mail or phone, by preventing unfamiliar sites, by not going into card information on suspicious promotions that appear also good to be real, and by triggering devices like Validated by Visa (VbV), an authentication tool that ensures payments are made by the rightful owner of the Visa account.

Neil Fernandes, Head of Risk at Visa Middle East and North Africa, commented: "With consumers in the UAE buying and investing extra online compared to in the past, guaranteeing count on the system is of vital importance. To get rid of customer issues and to open the UAE's complete ecommerce potential, Visa advocates a multi-layered safety technique to tackling fraud, with the cardholder an integral part of the remedy. Equally, there are a variety of relatively simple steps sellers could take to construct further self-confidence in the on the internet shopping experience."

A fundamental part of Visa's multi-layered technique is Visa Token Service which replaces the standard 16-digit primary account number (FRYING PAN) with a digital "token" for online purchases and deals started with mobile devices. Visa is working to bring tokenization to eCommerce, which will supply added safety and security to on the internet transactions by getting rid of cardholder details from the merchant environment.

"UAE Card Safety and security Week is a key element of Visa's continuous efforts to support governments across the world relocate to cashless societies and attain their visions of producing smart cities, and builds on similar efforts worldwide. This year, Visa will introduce comparable campaigns in 3 various other countries in the center East and North Africa as part of its work to establish the region's electronic payments landscape," added Fernandes.