MasterCard International and Mashreqbank offer secure system for online shopping

Mashreqbank is the first member financial institution to offer the MasterCard Internet Gateway Service (MIGS) to web merchants in the Gulf region. MasterCard, an innovator in payment processing security, developed MIGS in response to the growing demand for secure web-based shopping.

'MIGS is a complete payment solution that enables merchants to offer peace of mind to online shoppers while avoiding the cost of developing their own payment gateways. MIGS is a cost-effective, quick and easy solution that has the global recognition and support of MasterCard,' said Mohamed Belarj, senior vice president and general manager, MasterCard International, Middle East and North Africa.

Steven Pinto, senior vice president and head of the Mashreqbank's Retail Banking Group, said: 'We see Internet shopping in this region increasing rapidly over the coming years. We believe MIGS is an ideal tool for e- enabling our merchants in the Gulf with a tried and tested payment solution featuring state-of-the art security. It enables us to offer state-of-the-art service to our existing Partners as well as building new business from entrepreneurial merchants wanting to provide an inexpensive but safe online shopping solution.'

MIGS has been in operation for more than two years with $36.5 million annually billed through the system. MIGS provides its services to member financial institutions worldwide from its hub in Sydney, Australia.

'Given the uncertainties surrounding the volume of e-commerce transactions on the web, the cost of installing and operating an Internet payment gateway for individual merchants was difficult to justify. MIGS eliminates the barrier to merchants to develop this exciting frontier,' Belarj added.

Ends