Egypt's current account gap narrows, but overall BoP records deficit    Egypt's PM reviews debt reduction strategy, eyes more private investment    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt, India discuss expanding industrial, investment partnerships    World Bank proposes Egypt join new global health initiative    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Egypt welcomes 25-nation statement urging end to Gaza war    Egypt, Senegal sign pharma MoU to unify regulatory standards    Egyptian pound ticks down in early Tuesday trading    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt, Somalia discuss closer environmental cooperation    Egypt exports 175K tons of food in one week    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



The Arab African Bank launches e-business
Published in Daily News Egypt on 07 - 08 - 2012


By Islam Serour
Capitalising on the internet boom in Egypt, the African Arab Bank (AAIB), in co-operation with Amadeus and Cloud Lock International, has announced the launching of a more secured online payment gateway through its Click2Shop service.
“The new product provided by the AAIB and supported by Wallety security system will diminish the risks of fraudulent online transactions, which would help increase e-business in Egypt," said Bernard Mounir, of AAIB's Acquiring Division.
Since 2006, the number of internet users in Egypt has been on the rise, reaching 24 million users in 2012. However, challenges imposed by fraudulent debit and credit card users and hackers hinder the expansion of e-businesses in Egypt.
“I believe that Egyptians are capable of doing everything online, even revolutions. So, why not promoting online transactions in Egypt?" Said Mr Moudy Maguid, Country General Manager of Amadeus.
The Wallety online application, developed by Cloud Lock International, claims to guarantee ultimate security for online payment to satisfy internet users and e-business owners. The system involves more security procedures to validate debit and credit card holders online and protects against any fraudulent transactions.
Mr Malak Mikhael, CEO of Cloud Lock International, noted “Wallety online application allows internet users and e-business owners to manage and control several merchant's accounts from one backend that diminishes hacking risks stemming from debit/credit card information being scattered across various websites."
To validate card users, the Wallety system puts aside a very small, random amount between $1.01 and $3.99. This amount is used as a validation tool. The client must contact their bank to confirm their identity in order to be given the actual figure. Once the client has acquired this figure, the client can then proceed to the Wallety application to validate their account.
According to AAIB statistics, fraudulent transactions have soared to an alarming percentage of between 70 and 80 percent, imposing a heavy burden on risk management, incurring losses and hindering the e-business sector. With the introduction of the Wallety application the risk is minimised to zero percent, according to Mr Robert Elias, Deputy Manager of the AAIB.
Boosting e-business with a robust security system has many benefits, according to Mr Moudy, as it minimises loses of travel agencies incurred due to clients eluding payments. Additionally, it facilitates tourism by allowing tourists visiting Egypt to book and pay for tickets online from their home countries, rather than going through the procedures of bank transfers.
“We have 25 travel agencies using our e-power application, an internet booking engine that allows clients to book their flights online," Mr Moudy stated. The combined transactions from all 25 agencies amount to $1bilion annually. “With the introduction of a more secure payment gateway, online booking and payment transactions will contribute 5 percent of the total transactions conducted on e-power" Moudy added.
“The future is for e-business and online transaction," Mr Mounir concluded. The AAIB seeks to satisfy its customers by delivering more services and a variety of products. Improving the security of online transactions will attract more e-business users in Egypt and will facilitate electronic transactions that extend beyond the simple flight booking.


Clic here to read the story from its source.