NBAD, CyberSource join forces for online payments
Solution aimed at merchant clients
The National Bank of Abu Dhabi (NBAD) and CyberSource, announced a partnership to provide secure online payment acceptance capabilities to NBAD's merchant clients in the UAE.
CyberSource, which is a subsidiary of Visa Inc, said in a statement that mobile and digital payments are poised to catapult to a significant share of the retail payments environment. This has led NBAD to look at consumer focused technology companies to lead them through the complexities of payments change.
Naveet Dave, director, Card at NBAD said: "NBAD is committed to provide its merchant clients the best possible method in navigating through the complexities of a fast-evolving payments landscape. We chose CyberSource for its customer-centric approach and because its technology improves merchants' payment management experience".
CyberSource solution eliminates the need for merchants to develop separate mobile apps for online transactions as well as helping NBAD's UAE merchants reduce fraudulent transactions by allowing genuine orders to pass through.
"Managing fraud is a balancing act," said Gups Jutla, head of Business Development, CyberSource Middle East. "To minimise fraud losses, you need to reduce the number of fraudulent transactions going through your systems while allowing genuine orders to pass through quickly and easily. CyberSource Fraud Management includes Decision Manager, featuring the world's largest fraud detection radar that protects your business and allows you to maximise revenue, while keeping your operational costs low."
MarkaVIP, an e-commerce business in the region, is one of the first NBAD customers to use CyberSource solution.
Ahmed Alkhatib, CEO and founder of MarkaVIP said: "While online security remains one of the primary concerns for the majority of Middle Eastern consumers, we are seeing growing confidence and adoption of electronic payment methods. Advanced technologies that trusted international companies like CyberSource are introducing to the market are helping us build our customers' confidence in paying online, by offering them an ultra-secure payment gateway, that is also simple to use".