Jordan’s fast developing e-commerce market is convincing more companies to seek ways of making online transactions more secure, said Medhat Iskander, business development manager at payment solution provider BPC Banking Technologies.
“Fraud happens when not enough security measures are implemented. In recent years we have noticed the increased number of fraud cases in the Middle East. Many clients are requesting fraud management solutions, as they have started realizing how important these solutions are,” explained Iskander in a telephone interview, adding that the value of Jordan’s e-commerce market surged 30 percent last year to $200 million.
Local and regional banks now need to meet a list of international regulations as the rise in e-commerce and virtual banking in Jordan, and the Levant as a whole, brings a higher demand for stringent security requirements.
“People in the MENA region are very young, well educated, and tech-savvy,” Iskander noted. “They would use the Internet for their transactions, thus boosting e-commerce in the future. We expect 30 percent will become 50 percent in the years to come.”
The Central Bank of Jordan has also recently launched eFAWATEERcom services to ease the process of bill payment through the use of different e-payment channels. This will expand e-commerce in Jordan, Iskander said.
BPC also recently implemented its SmartVista suite at the Jordan Kuwait Bank, allowing the lender to make advances in the field of security for its online and mobile banking.