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.