Commenting on the new initiative, Eisa M. Al-Eisa, Managing Director & CEO of SAMBA said, “As the country’s very first e-commerce acquirer, we are extremely proud of this milestone achievement in adding new dimensions to Saudi Arabia’s e-marketplace. Yet another innovation from Samba, this new development has stemmed from a strong demand for a functional and safe online shopping environment in the country.
“Backed by the new Verified by Visa technology, we are confident that local merchants can reach a larger audience while consumers can easily and safely make everyday transactions from the comfort of their home or office at anytime.”
Verified by Visa technology allows SAMBA to authenticate a cardholder during an online transaction and notify the e-merchant in real time that the buyer is a verified cardholder, thereby protecting merchants from customer disputes – a phenomenon which has been of great concern over the past years.
Similarly, consumers can be assured that by selecting a personalised password that becomes their online ‘signature’ for web purchases, that their account details are secure from any other external parties. Visa anticipates that by implementing Verified by Visa, fraud arising from online transactions can be reduced by at least 50%.
Iain Jamieson, Vice President of Business Development for Visa International in the Middle East said, “We greatly applaud SAMBA for their foresight in leading the first Verified by Visa drive in the country which clearly demonstrates their commitment and leadership in embracing new secure payment technologies. Global research shows that nearly half of all online transactions are still paid for on a ‘Cash on Delivery’ basis due to security concerns cited by consumers showing that there is great potential for developing e-commerce payments.”
Jamieson added that following an agreement signed with MasterCard and JCB, the Verified by Visa technology has been adopted as a global shopping standard.
In Saudi Arabia, demand for online shopping is on a remarkable rise. In the first six months of 2003, Visa has witnessed an increase of nearly 50% in Visa e-transactions made by the country’s cardholders, as compared to the last year. This trend is anticipated to further accelerate with the implementation of Verified by Visa, providing added confidence among consumers and merchants to conduct more monitored transactions.
Thursday, December 18- 2003 @ 15:42 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.