Qatar National Bank becomes Qatar's first provider of fully protected e-shopping solution

Commenting on the new initiative, Khursheed Hassan, Assistant General Manager, Operations of QNB said, 'As the country's very first e-commerce acquirer, we are extremely proud of this milestone achievement in adding new dimensions to the Qatari e-marketplace. Yet another innovation from QNB, this new development has stemmed from a strong demand for an online for all types of bill payment and e-governments related services in the country.

'Backed by the latest in e-commerce security technology, we are confident that Government bodies and other country institutions, local merchants can reach a larger audience while consumers can easily and safely make everyday transactions from the comfort of their home or office at anytime.'

Similarly, consumers can be assured that by selecting a personalised password that becomes their online 'signature' for web purchases, that their account details are secure from any other external parties. Visa International anticipates that by implementing this type of security protocol, fraud arising from online transactions can be reduced by at least 50%.

Iain Jamieson, Vice President of Business Development for Visa International in the Middle East said: 'We greatly applaud QNB for their foresight in being the first e-commerce acquirer in the in the country which clearly demonstrates their commitment and leadership in embracing new secure payment technologies. Global researches show that nearly half of all online transactions are still paid for on a 'Cash on Delivery' basis due to security concerns cited by consumers showing that there is great potential for developing e-commerce payments.'

Jamieson added that following an agreement signed with MasterCard and JCB, Visa's 3D-Secure technology, commonly known as Verified by Visa, has been adopted as a global shopping standard.

In Qatar, demand for online shopping is on a remarkable rise. In the last year, Visa has witnessed an increase of nearly 40% in Visa e-transactions made by the country's cardholders. This trend is anticipated to further accelerate with the implementation of Verified by Visa, providing added confidence among consumers and merchants to conduct more monitored transactions.