The increasing adoption of ePayments in Dubai, UAE

Dubai’s ePay transactions soar 55% to Dh1.7b

Electronic payment methods in Dubai have become more popular and is becoming the preferred mode of payment as the amount generated by these transactions jumped by 55 per cent to Dh1.7 billion in the first six months of the year compared to the same period in 2010, according to official data.

Statistics revealed by Dubai eGovernment show that there has been an over 50 per cent increase in amounts collected through its ePay gateway in the first half of 2011 compared to 2010. It enables customers to electronically pay their bills and settle dues for various government services in a safe and secure manner.

Banking, yes – banking, for the Poor

By teaming up with retail outlets in low-income, often hard-to-reach areas, financial institutions can create value both for themselves and their new customers.

Here is an excellent article, truly worth reading – and sharing – courtesy, mckinseyquarterly.com

Correspondent banking has become one of the most promising strategies for offering financial services in emerging markets. In this model, financial institutions work with networks of existing non- bank retail outlets — such as convenience stores, gas stations, and post offices — to deliver financial services.

Mastercard says UAE has the highest average online shopping spend

A recent survey on online shopping habits by MasterCard Worldwide revealed that in fourth quarter 2009, the UAE had the highest average online shopping spend in the Asia Pacific, Middle East and Africa region, of US$1,048, compared to a slightly higher figure of US$ 1,193 a year ago.

The survey has also showed that online shoppers in the UAE made an average of 4 purchases in 4Q 2009 compared to 4.2 purchases in fourth quarter 2008.

UAE Telecom Regulator to BAN BlackBerry

The UAE’s telecoms regulator has announced that BlackBerry services in the country will be suspended from 11 October this year.

The Telecommunications Regulatory Authority (TRA) said that the suspension was due to the failure of ongoing attempts since 2007 to bring BlackBerry services in the country in line with local regulations.

“With no solution available and in the public interest, in order to affect resolution of this issue, as of October 11, 2010, Blackberry Messenger, Blackberry Email and Blackberry Web-browsing services will be suspended until an acceptable solution can be developed and applied,” said TRA director general Mohamed Al Ghanim.

UAE is Gulf’s most ICT prepared country

UAE leads the way in the Middle East for using technology to create a better economic and social environment, according to a new report published by the World Economic Forum.

The Global Information Technology Report 2009-2010 ranks the UAE as the 23rd best country out of 133 survey on how it uses information technology to create a “more economically, environmentally and socially sustainable world in the aftermath of one of the most serious economic crises in decades”.

Globally, Sweden came out on top, followed by Singapore and Denmark.

In the Gulf region, the UAE was placed six places above Bahrain, which edged Qatar into 29th place.

Mobile Banking And Existing Banking Systems

Existing banking systems are too old for mobile banking.

If we know, we tend to forget this, and if we are ignorant, we would never believe it: but banking is actually not real time. What you see is not necessarily what is, nor is it what you may get. Listen to what Bill Streeter say in a recent article in the ABA Banking Journal:

“On the other hand, if you define real time as handling any transaction at any channel only once, at which point final posting occurs, then very few U.S. institutions are doing that….. Real time was also the norm for years with savings and loans and credit unions, and still is in some cases, though the movement to check-based transactions changed things for many of these institutions.”

Mobile Money Transfer Service from MoneyGram and Affinity Global

MoneyGram International and Affinity Global Services Launch Mobile Money Transfer Service Agreement brings MoneyGram’s convenient cash-transfer services to Mobile Network Operators and their customers

MoneyGram International (NYSE: MGI – News), a leading provider of global payment services, and Affinity Global Services, a leading mobile financial services company, today announced an agreement that will enable mobile money transfer receives in important markets around the globe, bringing greater convenience and extending the benefits of MoneyGram services to a new category of consumers.

MMT 2009 Dubai UAE

MMT09 is the rightfully being recognized already as the world’s largest independent mobile money transfer conference and exhibition.

This year’s event is scheduled to take place at the JW Marriott, Dubai on the 26-27 October. Highlights include keynote speeches from mobile microfinance innovators.

As well as project management guidance, MMT09 also offers unsurpassed networking opportunities and a private exhibition featuring all the leading mobile money technology developers.

The program features over 45 leading mobile money pioneers including the banks who have practical experience of MMT programme deployment. Some of them are as follows:

Do You Support Chip and PIN move?

Following card frauds experienced by consumers and the various degrees of support and reassurance received from their respective banks, a poll conducted shows that 50% of consumers support chip and PIN move in UAE.

Almost half of all responders to a poll have said they think the new chip and PIN idea that is to be rolled out across the UAE is a great idea that will have a major impact on fraud.

Last week’s announcement by the UAE Central Bank that all banks in the country will be required to move to chip and PIN technology called widespread debate, with some experts citing the move as useless against the type of fraud residents suffered last summer at the hands of international gangs. Chip and PIN

Chip and PIN may cut fraud cases

Computer Viruses are not the only ones that are in constant race with the Anti-Virus – or vice versa!

Bankers are forced to adopt new technologies to protect their consumers from various types of frauds.

Reportedly, Chip and PIN technology may cut fraud cases in Bahrain as reported by Andy Sambidge in Arabian Business.

Cases of card fraud are set to drop in Bahrain following the rollout of chip and PIN technology, it was reported on Sunday.

Credit CardsFollowing an order from the Central Bank of Bahrain, all new credit and debit cards issued from July by banks must come equipped with a microchip, which stores all of the cardholder’s data.

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