Payments industry urged to stay vigilant

dubai — The global authority on payment security, PCI Security Standards Council, has reinforced the importance of an indepth defence strategy to ensure the region’s e-commerce industry stays resilient to cyber activity.

Ahead of the second Middle East Forum in Dubai on April 6 and 7, PCI international director Jeremy King urged the regional payment industry to secure its future by aspiring to become one of the safest places to conduct online business in the world.

The e-commerce industry in the Middle East and North Africa is set to rise by 11 per cent to more than $5 billion by 2019, according to data from We Are Social’s 2016 Digital Yearbook.

With the UAE witnessing mobile broadband connection rates of 130 per cent — three times the global average — mobile payments are set to account for 60 per cent of that market. Currently, 80 per cent of online transactions in the Middle East are fulfilled by cash on delivery.

“The e-commerce forecast suggests the regional payment industry is on the cusp of a paradigm shift that could unlock a wealth of new small and medium-sized business opportunities and economic growth as regional consumer habits evolve away from the cash-on-delivery culture,” said King, also keynote speaker at the organisation’s Middle East Forum.

“Amid an uncertain global economic outlook, the e-commerce industry can be a driver of growth in the GCC and beyond, but only if we continue to secure the digital ecosystem,” said King. “The region can leapfrog existing payment processes to lead in the adoption of digital and mobile payments and aspire to be a hub for safe online business.”