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April 2, 2015

HSBC Bank implements new 3D Secure Service for online transactions

HSBC Bank Middle East has deployed a new 3D Secure Service for MasterCard and Visa cards in an effort to enhance security for customers in the UAE.

By Verdict Staff

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HSBC Bank Middle East has deployed a new 3D Secure Service for MasterCard and Visa cards in an effort to enhance security for customers in the UAE.

The new security service provides cardholders improved protection for online transactions as well as protect their cards against unauthorised usage.

The 3D Secure Service allows customers to shop online securely using their credit and debit cards and adds an extra layer of security at the point where customers need to enter their card information online.

As part of the service, cardholders will be instructed to enter a One Time PIN (OTP) that will be sent to their personal mobile number prior to completing the transaction.

Additionally, the bank will offer ‘Verified by Visa’ (VBV) and MasterCard SecureCode features for its customers based on the type of card they hold.

Customers must register for the service to use any HSBC credit and debit card on participating merchant websites. Currently, HSBC has 145,000 active users on its Internet banking platform.

HSBC Bank Middle East head of retail banking and wealth management UAE and MENA Khalid Elgibaly said: "The new layer of security for our debit and credit cards will enable our customers to experience a safer and a more secure online shopping experience than ever before, giving them more control over their Internet transactions.

"With the GCC e-commerce sector poised to grow 40 percent by 2020 to over $40 billion, and the UAE anticipated to constitute half of this market according to Frost & Sullivan, the need to provide secure methods to make purchases online will continue to remain critical."

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

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