Online payments deferred by UAE residents
Contributors are not employed, compensated or governed by TD, opinions and statements are from the contributor directly
Payment gateways in the UAE are being regarded a safe option for consumers in order to avert fraud.
According to Martin Waldenstrom CEO, cashU, “Cards are being compromised and a majority of cards which are compromised offline especially at places like restaurants and hotels. Payment gateways mitigate the risk of phishing and card cloning. This is why we are encouraging consumers to turn to payment gateways as a reliable avenue.”
A recent study revealed that 45% of credit card holders in the UAE prefer not to use their credit cards online fearing fraud. Payment gateways provide merchants with a unique safe payment solution that reaches millions of potential online buyers in the MENA region. Waldenstrom said using credit cards online was far safer than using it anywhere else. Currently the UAE contributes to 15% of the total number of cashU users.
The coming years would see new apps and technology that would take online safety to the next level and reassure consumers. “Near Field Communication (NFC) is the next step in online safety. Consumers would simply wave their mobiles over a laptop and make a payment. In the next few years there will be a huge shift towards this.”