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.

A total of Dh1.7 billion — through 1,396,973 transactions — was collected through ePay on behalf of all the participating local entities by the end of June 2011. This compares to a total of Dh1.1 billion through 835,095 transactions in the first half of 2010.

Dubai Customs, the Dubai Electricity and Water Authority (DEWA) and the Dubai Health Authority (DHA) were the top three government entities, respectively, in terms of the electronically collected amounts, while the DHA, the Roads and Transport Authority and DEWA were the top three government entities in terms of the number of transactions achieved.

“These results clearly indicate the favourable pace of eTransformation in Dubai and also reflect the increasing adoption of ePay as a preferred mode of payment to complete government transactions on one hand and the confidence shown by customers in the efficiency and safety of this option on the other,” Dubai eGovernment Director-General Ahmed bin Humaidan said. “This service allows both corporate and individual customers to complete ePayment for government services either through credit cards or direct debit from the customer’s account in participating banks.” He noted that payment through credit cards was the customers’ top preferred option with the amounts electronically collected through this method reaching nearly Dh1.4 billion.

He also noted the use of direct debit option grew noticeably from 23,000 transactions in the first half of 2010 to 120,000 transactions in the corresponding period this year.

Explaining the role played by Dubai eGovernment in providing the foundation required for completing eTransformation in Dubai as per the highest standards observed worldwide, Bin Humaidan said: “All government departments need certain electronic ingredients and infrastructures to offer high quality and secure online services aimed at attracting customers and encouraging them to adopt the option of completing their transactions online. In line with this, Dubai eGovernment strives to offer the required ingredients in the shape of centralised services and a joint infrastructure, enabling these departments to provide facilitated services to the public while offering them a suitable ground for concentration and innovation in their respective scopes of activity.”

ePay is part of Dubai eGovernment’s initiative aimed at offering online services through innovative channels and providing the public and the business community with an efficient and comfortable mechanism for instant payment of government fees without having to waste time and effort by personally visiting banks or the departments concerned. These channels include among others the Internet and mPay, which was designed as an emergency service, particularly for urgent processes.

Source Courtesy: Khaleejtimes.com

Prosum provides epayments and mobile payments services including Direct Debit / Netbanking, Credit Card, PayPal and Mobile Payments.

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.

This approach can be especially powerful when serving the unbanked poor because of its ability to reduce banks’ cost-to-serve and reach low-income workers where they live. In Brazil, where the strategy has enjoyed its greatest successes, about 1,600 municipalities (approximately one-third of the total) are served solely by correspondent-banking outlets.

Correspondent (or agent) banking benefits a range of stakeholders. The poor gain convenient access to financial services in their own communities. Financial institutions reach a vast new customer segment. Agents increase their sales volumes and have an opportunity to develop deeper relationships with customers.

But implementing correspondent strategies can be tough. It may be hard to build networks of partners that can fulfill the correspondent role. The economics are still uncertain for players that don’t offer a range of services. And because the strategy is relatively new for financial-services providers, it is difficult to know exactly what will work in each particular community.

Through our research and experience working with pioneering providers, we have identified four guiding principles to help organizations implement correspondent strategies successfully: (1) move quickly to capture early-entrant advantages, (2) build partner networks rigorously, (3) create diversified product offerings, and (4) conduct pilots that can be rapidly implemented and constantly refined.

These principles have enabled organizations to establish sustainable operations that dramatically increased the use of financial services by the poor. Four years after Brazil, for instance, passed legislation enabling the expansion of correspondent banking, providers had extended formal financial services to every municipality (about a third of which previously did not have any outlets offering formal banking services). In Mexico, a program of electronic transfers through the country’s Diconsa stores, which sell food and other basic goods in the poorest and most rural communities, reached 200,000 households within two years of being launched and could reach two million to three million more. Kenya’s M-Pesa, a highly successful mobile-payment provider, has developed a network of over 16,000 agent points since 2007. They operate like correspondent outlets, putting most citizens within reach of a physical location providing cash-in, cash-out services.

Reaching out through correspondents

A majority of the emerging markets’ 2.2 billion low-income workers who do not use financial services live in areas that are difficult and expensive to serve. Most of these communities lack bank branches but do have other retail outlets, such as convenience and grocery stores, gas stations, lottery kiosks, pharmacies, or post offices.

Correspondent banking enables financial-services providers to reach these communities through existing retail outlets that potential customers use for other purposes. People know the businesses, since they already frequent them for other purposes — for instance, purchasing groceries or fuel or picking up mail. They may even have developed a level of comfort with the proprietor and the staff. That could make customers likelier to entrust such a retailer with their finances.

This correspondent strategy is effective because it enables organizations to establish a physical presence near their customers without building new branches and thus to expand their reach dramatically at a lower cost. Providers do not have to incur the expense of building new branches and can share fixed outlays with their retail partners. Correspondent models therefore have lower average costs per transaction than traditional bank branches do.

The World Bank’s Consultative Group to Assist the Poor (CGAP) estimates that the average overall monthly cost to customers of using correspondent and mobile phone–based models is 19 percent lower than the cost of these services in traditional branches—and up to 50 percent lower for some products, such as medium-term savings and bill payment.

We came to similar conclusions in our own research. In Mexico, the all-in cost of offering savings accounts (including marketing, opening an account, and per-transaction costs) through correspondent outlets is about 25 percent lower than offering them through traditional branches (exhibit). Correspondent models thus help organizations serve low-income consumers at a lower cost, which is particularly important because people in the segment typically transact in small sums.

The use of correspondent agents is leading to a significant expansion of low-income workers’ physical access to financial services:

* Brazil: In 2000, nearly 30 percent of Brazil’s municipalities had no access to formal financial services. But between 1999 and 2003, the government revised its regulations to allow correspondent banking and facilitated its expansion by improving the country’s interbank transfer system. By 2004, every municipality in Brazil had access to formal financial services, and about 1,600 (one in four) were served only by the correspondent network.

* Mexico: More than 5,000 correspondent outlets, supported by 11 banks, have sprung up since the government authorized correspondent banking in late 2009. The government is using it to build a basic financial-services offering through more than half of the 23,000 state-owned Diconsa stores. Since 2009, a pilot program using point-of-sale devices and fingerprint-based identity cards has delivered government payments to nearly 200,000 households. Mexico’s government could use the network to reach two million or more beneficiaries4 and to add savings and insurance to the range of services it provides.

* Kenya: M-Pesa, a successful mobile-money transfer service in Kenya, depends on physical locations that operate like correspondent outlets to give users quick and convenient opportunities to withdraw or deposit cash. Its approach involves exchanging cash for float (in an electronic form issued by the mobile operator) at one of the organization’s 16,000 retail outlets, also known as agent points. This capability is a critical component of all mobile-financial-services offerings, since consumers must be able to convert digital funds to cash, and it is much more cost effective for providers to fulfill this need by tapping into existing physical networks than to build their own from scratch.

Formidable challenges

Correspondent banking can have a significant impact. But in many markets, the window of greatest opportunity may be open for only a short time, and the uncertainties related to implementation are not trivial.

Some small communities have very few retail outlets, for example, and those few may belong to small operators with little or no reach across regions. Opportunities to strike partnerships may be limited.

Identifying the right retail partner can be hard, in particular because most financial institutions have no experience operating in non-financial retail contexts. As a result, they may find it difficult to determine which retailers have the necessary relationships with customers or struggle with how to build the reach that would deliver sufficient volume to justify the investment.

The economics can be challenging, especially for institutions that do not have diversified product offerings. Revenues generated by the small accounts and the cost of the frequent transactions typical of the working poor make it difficult for providers to generate sustainable returns through savings and payment services alone.

Perhaps above all else, correspondent banking is still relatively new in the context of financial inclusion. The rules of the game vary by geography, and the game itself changes as the strategy develops: competition is increasing, the regulatory landscape is shifting, and customer attitudes are evolving. While uncertainty opens opportunities for innovative institutions, it also presents risks, particularly for companies that can’t refine their approaches by incorporating what they learn during implementation.

Guidelines for success

Correspondent banking is one of several models that should be deployed to advance the cause of financial inclusion. Traditional microfinance institutions and branch-based models will continue to be important but on their own cannot provide the scale needed to reach the vast population that does not use formal financial channels.

The success of organizations in countries such as Brazil, Kenya, and Mexico suggests a path for the next generation of correspondent-banking models. Drawing on these experiences, as well as on our research, we have identified four guidelines that can help organizations implement successful correspondent strategies.

Move quickly to capture early-entrant advantages

Moving early is risky, particularly because the pioneers often incur hefty development costs that laggards avoid. But we believe that the risks (which of course must be managed) are justified in the case of correspondent banking because early entrants may sew up the most attractive partners before later competitors arrive.

Success in correspondent banking — a play for scale in a low-margin business—depends on the ability to develop an extensive network of retail outlets in underserved communities. The fewer partners the better, since complexity can overwhelm institutions that must manage too many relationships. The most efficient correspondent operations involve partnerships between one financial institution and one distribution network that has extensive reach across the entire relevant geography.

Early entrants often have the greatest freedom to select the best partners, leaving followers to patch together networks of smaller chains and independents—more difficult to manage and more expensive to operate. Early entrants also have an opportunity to build the first formal relationships with their low-income customers, which may create loyalty that proves beneficial when competitors emerge. Even in markets such as India, where large-scale partners with broad reach are hard to come by, early movers can pick the most attractive smaller players to join their networks. (Moving early may be less advantageous, however, in markets that limit exclusive relationships between financial-services providers and distribution partners.)

In Brazil, the bank Bradesco gained a significant advantage in 2001 by quickly securing exclusive access to distribute financial services through the agencies of the country’s post office, Empresa Brasileira de Correios e Telégrafos. That gave the company a network of 5,532 post offices, including more than 1,700 in municipalities that lacked banks. Through Banco Postal, a wholly owned subsidiary, Bradesco extended correspondent services to the entire network in just five years.

Build the partner network rigorously

Financial institutions must take into account a range of factors when picking retail partners. Reach is one of the most important, but others, such as cost-to-serve and local consumer trust, also play a role.

Providers can use a cost curve analysis to understand the relative expense and potential reach of different channels in different communities of varying population densities. Such an analysis of the Mexican market suggests that correspondent banking would be a good way to expand capacity in large cities and the only viable option in small villages. But it would be more difficult in midsize towns where large retail networks are scarce. This kind of evidence can help financial institutions understand how to configure a correspondent network so they can find retail partners that provide the appropriate reach into the communities they want to serve.

Trust can also be an important factor, particularly early in the effort. The case of Diconsa, in Mexico, bears out the point that existing retail outlets often have relationships with target customers, who may therefore be more likely to trust the retailer to act as their financial representative. Diconsa stores are owned cooperatively by the communities where they are located, and community members elect the storekeepers. This cultural context is an important success factor for Diconsa. In the village of San Miguel Tecpan (which has a population of 800 people), for example, Elba Arias has served as storekeeper since she was elected, 14 years ago, creating a familiarity that makes correspondent banking easier. In her words, “the same way I sell corn, rice, and canned tuna, I sell savings accounts.” Up to a third of Elba’s current customers now make transactions.

Organizations can build trust over time by providing a consistently high-quality experience. Those that already operate correspondent networks and have a good reputation with the customer base may gain trust more easily when they open new correspondent locations. Likewise, financial institutions that are starting up networks may benefit from identifying and prioritizing partners that have good relationships with target consumers to increase the likelihood of their using correspondent services once they are available.
Create diversified product offerings

Providers must develop product offerings that not only attract consumers but also generate sufficient value to sustain banking operations. Correspondent partnerships that offer more than bill-payment services and savings accounts are likelier to thrive than those that do not.

In addition to savings accounts, providers should consider offering four promising services: government payments, domestic remittances, international remittances, and direct deposits. Each offers significant value for customers, and they also enable providers to generate value through transaction fees and lay the basis for them to provide other services in the future.

CGAP estimates that at least 170 million poor people worldwide get regular payments from their governments, either as social transfers or as small salaries and pensions. Less than 25 percent of the recipients get the payments in a “financially inclusive” account—one that is safe, convenient, and easy to use for other transactions.10 These programs represent a possible source of immediate transaction activity for any electronic-delivery system, which can in turn add significant value for the recipients. In Mexico, for example, Diconsa’s electronic-transfer program enables customers to collect government payments in 30 minutes—down from 6.5 hours—and virtually eliminates the customer’s travel costs, which averaged $3 a trip. The correspondent service provides its customers with significant value in money and time saved.

Correspondents could also create value for consumers by making international remittances cheaper and more convenient. The cost of sending money to a developing country largely reflects the volume of flows into it, the quality of the retail payments infrastructure, and the number of options available to receiving consumers. When such a remittance goes to countries (like Indonesia and the Philippines) with competitive cost structures and relatively large volumes, its cost can be 5 to 7 percent of its value—and two or three times as much for other destinations.11 The proliferation of safe and convenient correspondent outlets could help not only to increase the volumes and reduce the costs of international remittances but also to reduce the costs and increase the reliability and security of domestic ones; this market is typically dominated by cumbersome, inefficient, and risky informal channels.

Direct-deposit services also offer value for both consumers and providers of correspondent services. Much like government transfers, the electronic payment of salaries or pensions is convenient for consumers. Such products could also serve as the foundation for credit offerings based on expected cash flows from employers. In Brazil, the volume of payroll-linked loans grew by more than 110 percent annually—four times the pace of credit cards—in the first four years after regulators authorized the products, in 2003.
Conduct pilots that can be rapidly implemented and continually refined

The learning curve for correspondent banking in the context of financial inclusion is steep. Organizations should expect to make mistakes when they develop their models. The most successful operations design processes that enable them to learn from their mistakes and to develop solutions as they proceed.

To promote rapid and continual learning, organizations should develop processes to conduct targeted pilots that can be quickly revised through customer feedback and then relaunched. By enabling organizations to learn as they go, this approach minimizes the risks they run while experimenting to find the best way forward.

Mexico’s Diconsa partnership, for instance, relied extensively on user-centered prototyping. Rather than trying to launch a perfect product at scale the first time around, Diconsa conducted a series of field experiments. It launched its first pilot soon after the partnership began and managed this experiment aggressively, placing members of the delivery team directly in the community so they could observe customer behavior and make real-time refinements. This approach gave the partnership early successes and helped it expand its offerings more quickly.

Safaricom, a telecom provider, took a similar approach to piloting when it developed its M-Pesa mobile-payment service. Originally conceived as a platform for receiving and making payments on small loans, M-Pesa partnered with the local microfinance company Faulu to gain access to clients. Piloting suggested that the service would undercut Faulu’s offering but that the population would value general payment and remittance services. M-Pesa redefined its value proposition as a result, and today it is one of the world’s most successful mobile-money transfer services.

Pioneering organizations around the world are demonstrating the value of correspondent banking. As the strategy evolves, it will become increasingly important as a way to develop scale in financial inclusion. It is not only an effective alternative to building new branches but also an important adjunct to mobile financial services, providing cost-effective outlets for cash-in, cash-out services. Experience suggests that early entrants gain the most. Organizations that start now could promote social and economic benefits for poor people by dramatically expanding financial inclusion and thus helping a growing number of low-income workers gain access to financial tools that they can use to improve their lives.

What do you think? Share your views and comments below.

About the Authors: Alberto Chaia is a principal in McKinsey’s Mexico City office, where Esteban Silva is a consultant; Robert Schiff is an associate principal in the New York office.

Source Courtesy: mckinseyquarterly.com

What do you think? Share your views and comments below.

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.

This is the third survey on online shopping habits conducted by MasterCard. It covered 8,000 respondents across 14 markets: Australia, China, Hong Kong, India, Japan, Malaysia, New Zealand, Philippines, Singapore, South Africa, South Korea, Taiwan, Thailand and UAE, with Malaysia, New Zealand, Philippines and Taiwan being new markets included in 2009. The inaugural survey was conducted in December 2007.

More online shoppers in general agreed that it is more convenient and easier to shop online as compared to last year. Respondents in the UAE are becoming more comfortable with shopping on the internet, with 52% of the respondents having stated that it is convenient to shop online in 2009 versus 47% in 2008. Furthermore, 54% of the respondents stated that it is easier to shop online in 2009 versus 52% in 2008.

In the UAE, the most popular items bought by online shoppers included airline tickets (43%), books and arts (34%), CDs, DVDs and VCDs (30%) and home appliances and electronic products (29%). Airline tickets (38%) and books and arts (33%) were the two items that triggered the most impulsive shopping amongst UAE shoppers. The top reason for impulsive buying was discounts (69%) that online channels offer.

In terms of future online shopping, 62% of the respondents in the UAE affirmed that they were “likely” or “very likely” to shop online. In addition, 55% of the respondents “strongly agree” that when they shop online, they would prefer to have a hotline number for enquiry and 72% deemed it “extremely important” that the site offers secure payment facility when considering to make an online purchase.

Online shopping has come a long way and today the latest MasterCard survey reflects this change. As online shoppers become more savvy and are increasingly satisfied with their online shopping experience, they are purchasing beyond lifestyle items such as airline tickets, online games and music downloads and have evolved to buying basic necessities including home appliances and groceries.

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.

“The TRA notes that Blackberry appears to be compliant in similar regulatory environments of other countries, which makes non-compliance in the UAE both disappointing and of great concern.”

BlackBerry devices, introduced in the UAE in 2006, allow users to send messages that can’t be monitored as allowed for under the country’s 2007 Safety, Emergency and National Security rules, the regulator said last week.

Although such communications should fall under the remit of that law, technical encryption allowed them to avoid monitoring, it said Sunday.

Telcos Etisalat and du were informed of the TRA’s decision on Sunday. They were also instructed to ensure minimal consumer disruption in the provision of alternative services.

“All Blackberry services fall within the UAE regulatory framework developed by the TRA since 2007, however because of Blackberry’s technical configuration, some Blackberry services operate beyond the enforcement of these regulations,” said a statement issued by the TRA.

“Blackberry data is immediately exported off-shore, where it is managed by a foreign, commercial organization. Blackberry data services are currently the only data services operating in the UAE where this is the case.

“Today’s decision is based on the fact that, in their current form, certain Blackberry services allow users to act without any legal accountability, causing judicial, social and national security concerns for the UAE.”

Source Courtesy: Ed Attwood | arabianbusiness.com

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.

Saudi Arabia was ranked at number 38 while Oman was rated the 50th most ICT prepared country. Kuwait was the lowest ranked GCC nation at number 76.

Bahrain was the highest climber of the Gulf nations in this year’s rankings and over a three year period, having gained 21 places since 2006.

Kamal Ahmed, chief operating officer of the Bahrain Economic Development Board (EDB), said the kingdom’s rise reflected a commitment to ICT as both a sector in its own right and an enabler of continued economic growth, modernisation and competitiveness.

“Sweden, Singapore and Denmark’s superior capacity to leverage ICT as an enabler of sustainable, long-term economic growth is built on similar premises, relating with a long-standing focus placed by governments and private sectors alike on education, innovation and ICT access and diffusion,” said Irene Mia, senior economist of the Global Competitiveness Network at the World Economic Forum and co-editor of the report.

“The success of these countries underlines the importance of a joint ICT vision, an implementation, by all the different stakeholders in a society for a country to take full advantage of ICT advances in its daily life and overall competitiveness strategy.”

Courtesy: arabianbusiness.com/584653-uae-is-gulfs-most-ict-prepared-country—world-eco-forum as posted by Andy Sambidge on Saturday, 27 March 2010

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.”

The rest of the article is a great read about the state of real-time-ness in banking and how difficult it is to turn existing banks into real time machines. Or to quote from the article: “Changing core systems is not for the faint of heart,”

Which made me think: why do we want to put mobile banking and payment solutions on top of old banking systems? The whole idea of using a mobile phone for banking is that I can do stuff in real-time. I mean, can you imagine having a telephone call in batch? Phones are made (and consumers expect them to be) real-time devices. It is just absolutely crazy to plug a mobile phone into a system that does not work in real-time.

In order to bring the true benefit of mobile banking, we will have to re-define banking from the ground up. The banking systems that should sit underneath mobile banking should be designed in a different (more modern view). If a transaction happens we post a debit and a credit and it is done (simple). If we have to reverse the transaction, we post a credit and a debit. This is not so difficult. This means that mobile banking (in many cases) would initially be a separate system.

Once again, this is not so far-fetched. Banks did it when they launched credit card systems a few decades ago, and it seemed to work pretty well. Why should we not do it with mobile payment systems. Just a thought…

Source Courtesy: http://mbanking.blogspot.com/2009/07/existing-banking-systems-are-too-old.html

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.

According to the World Bank, more than 200 million people live outside their home country. Mobile networks, which are now globally available, help immigrants stay connected and mobile money transfer applications will enable these and other subscribers better manage their finances. The MoneyGram and Affinity Global Services alliance will allow consumers to use MoneyGram’s agent network of over 180,000 locations around the world to send money to an account associated with a mobile device.

“In developing economies, there are more people with mobile phones than traditional bank accounts. We see a tremendous opportunity to better serve these consumers by delivering MoneyGram remittances in compelling new formats such as mobile technology,” said Anthony Ryan, MoneyGram president and chief executive officer. “Our relationship with Affinity Global Services will significantly enhance our agent network by allowing us to partner with mobile network operators in key corridors such as Latin America, Asia and Africa, and provide convenient, affordable and reliable money transfer services to consumers around the world.”

Affinity Global Services is the first Mobile Gateway to facilitate MoneyGram services, and will provide technical connectivity between MoneyGram and various mobile network operators. The MoneyGram mobile money transfer service will use Affinity Global’s MADE™ Platform, enabling MoneyGram to connect to virtually any mobile network operator. The parties are currently in discussion with a mobile network operator which is expected to be the first to launch the service to consumers later this year.

”MoneyGram understands that success in the mobile sector is about more than just technology,” said Ritchie Skelding, Affinity Global Services chairman. “To make mobile money transfer services work on a global scale requires a partner with world-class systems and a willingness to partner with mobile operators. Success also takes a commitment to deliver consumer value in a simple and transparent way. There is no ‘one-size-fits-all’ in this rapidly evolving space so MoneyGram’s entrance into the mobile money sector will help accelerate adoption of these services.”

About Affinity Global Services, Inc.

Affinity Global Services is a mobile solutions company based in Dallas, Texas. We believe in bringing economic freedom and opportunity to underbanked people around the world.

Established in 2004 and funded by US and international venture capitalists, Affinity boasts a leadership team of wireless and financial services veterans. We understand that wireless technology can deliver financial empowerment to those in need – and that providing such empowerment benefits everyone. For more information, visit www.affinityglobalservices.com.

About MoneyGram

MoneyGram International offers more control and more choices for people separated from friends and family by distance or those with limited bank relationships to meet their financial needs. A leading global payment services company, MoneyGram International helps consumers to pay bills quickly and safely send money around the world in as little as 10 minutes. Its global network is comprised of 180,000 agent locations in 190 countries and territories. MoneyGram’s convenient and reliable network includes retailers, international post offices and financial institutions. Now, MoneyGram offers its most loyal customers MoneyGram Rewards for cash discounts on eligible money transfers from the U.S. – visit www.mymoneygram.com to register today. To learn more about money transfer or bill payment at an agent location or online, please visit www.moneygram.com.

Source: http://finance.yahoo.com/news/MoneyGram-International-and-bw-222672343.html?x=0&.v=1

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:

* Karim Khoja, CEO, Roshan
* Jan Chipchase, Principal Scientist, Nokia
* Chris Gabriel, Chief Executive Officer, Zain Africa
* Jojo Malolos, Group Head of Financial Services, SMART Communications
* Zouhair Khaliq, CEO, Orascom International Investment Holdings
* Claire Featherstone, Head of M-Commerce, Maxis
* Aran Hamilton, VP – Strategic Partnerships, Zoompass
* Staffan Ljung, Director of Payments and Consumer Information Management, Ericsson
* Rashed Alabbar, Senior Manager, e-Business, Etisalat
* Mitch Roda, Senior Payments Manager, du

MMT09 is not only about visionary case studies. It also brings you panel debates and roundtable discussions led by the product managers who have got their ‘hands dirty’ deploying MMT programmes. Get to the heart of the issues that really matter:

* How to establish and manage an effective agent network
* How to structure strategic partnerships and provide profitability for all parties
* The benefits of partnering with MFIs
* How to launch a successful marketing campaign that will have resonance with your target market
* How to talk to the regulators
* The impact of MMT on existing back office processes and cultures
* ..and much more!

Booking by the 21st of August entitles you to receive your £300 discount!

Online registration is open now at www.mobile-money-transfer.com/global-summit. Alternatively register by telephone: +44 (0)20 7067 1831; fax: +44 (0)20 7067 1807; or email: mmt@clarionevents.com. Quote MTE3G when registering.

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.

However, Arabian Business’s online survey showed that 48.6 percent strongly welcomed the move, with just 10.4 percent thinking it would be a better to invest in more advanced biometric tests, such as eye scans, to stop fraud.

A quarter of responders (26.3 percent) said the plan was a good idea but would have limited impact on fraud and 14.7 percent said the plan would be ineffective and only incur costs for banks and retailers.

The bank’s decision to introduce chip and PIN follows a review of the UAESWITCH cash machine network and comes amid a growing problem with credit card fraud in the country.

The bank said that after the excercise it decided to amend some of its protocols and introduce new ones following the recommendation of consultants brought in to oversee it.

It added that it will adopt global payment card industry standards for the network.

Chip and PIN is the name of an initiative backed by the UK government aimed at combating credit/debit card fraud.

Under the Chip and PIN system credit/debit cards containing an embedded microchip are authenticated automatically using a PIN.

So, when a customer wishes to pay for goods using this system, the card is placed into a PIN pad terminal or a modified swipe-card reader, which accesses the chip on the card.

Once the card has been verified as authentic, the customer enters a 4-digit PIN, which is checked against the PIN stored on the card. If the two match, the transaction will be completed.

The UAE Central Bank has given no further details of how or when the plan will be rolled out.

Source Courtesy: http://www.arabianbusiness.com/546294-half-of-people-support-chip-and-pin-move-in-uae as reported by Joanna Hartley

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.

Following 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.

The Central Bank of Bahrain ordered all banking institutions to adopt the technology from June 30 or risk penalties.

“The new cards are much better than the old system because of the cryptography used in the chip itself,” Bahrain Society of Bankers chief executive officer Robert Ainey said in comments published by Gulf Daily News.

“Although it can be broken under extreme laboratory conditions, this is the sort of technology that the common counterfeiter doesn’t have.”

Ainey told the paper that although the vulnerability of the magnetic strip would still be present in the new generation of cards, consumers in Bahrain would be better protected if their cards were used fraudulently.

“The slight downside to the current implementation of chip and PIN is for those retailers who are not enabled. They can still fall back to the magnetic strip,” he said.

“So if someone got your card, they could still copy the strip and a fraud could occur.

“But in this case, the issuing bank would have the absolute right to charge-back the fraudulent transaction from the merchant’s bank.”

Source Courtesy: http://www.arabianbusiness.com/561676-chip-and-pin-to-cut-case-of-fraud-in-bahrain—banker