138% growth in e-payment transactions

Credit card based payment services and eZeePay fuel major growth in the first quarter of 2005 according to a report by eCompany.

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By  Sarah Gain Published  May 30, 2005

eCompany reveals that payment transactions processed by the business entity rose by 138 % during the first four months of 2005 as compared to the same period last year. The increase can be attributed to a 41% growth in credit card based payment services and the recently launched eZeePay service, which is a real-time bill query and payment service. The eComPay service by eCompany is a secure e-payment service for online credit card payments. The fundamental concern for banks, card associations, merchants and consumers is the transactional security over the internet. eCompany has addressed this issue with a service offering designed to comply with Verified by Visa and MasterCard SecureCode through the implementation of 3D secure protocol. eComPay enables e-commerce merchants to initiate the authorisation and settlement of online transactions. This is done through a private network connected to Visa/MasterCard Acquiring Banks in United Arab Emirates. The system also supports American Express transactions through a direct link with AMEX. The National Bank of Abu Dhabi, National Bank of Dubai and Emirates Bank International all use the payment system to complement existing e-hosting packages. eZeePay currently helps service providers to provide a real-time bill payment facility to participating bank account holders, using normal banking channels such as IVR (interactive voice response), ATMs, tellers, SMS or websites to allow customers to view, pay and settle their bills. The Commercial Bank of Dubai, Dubai Islamic Bank, Mashreq Bank, Citibank, Habib Bank AG Zurich and Empost are currently employing this service. The success of the eZeePay service can be directly attributed to the disadvantages of the current bill presentation and payment options. Large numbers of consumers currently pay through banks, offline, with no facility to query the amount due. Banks also do not have facilities for speeding up the payment of common, regularly-issued bills, such as those to DEWA, Etisalat, school fees, or cable TV channels. The eZeePay service provides immediate credit to subscribers’ billing accounts with the benefits of a real-time facility to query the amounts or due dates. The advantage of such a system lies in the fact that even non-banking channels can also be added, offering the same services through cash or credit payments. Service providers have witnessed benefits such as reduced cash management costs, increased payment receipts and higher levels of customer satisfaction. The consumer on the other hand benefits from a single platform for all financial transactions, along with ease and availability of service, which in turn means fewer trips to various individual utility providers to pay bill.

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