Emirates NBD first bank in the region to offer innovative Visa security system for its Visa debit cardholders

UAE, 15 June 2011: Visa, one of the world's leading payment solutions providers, has partnered with Emirates NBD for the launch of a service that allows Emirates NBD Visa debit cardholders to make online transactions. The move sees Emirates NBD, which is the UAE's largest provider of Visa debit cards with over one million cardholders, become the first bank in the region to offer debit cardholders the opportunity to enjoy the peace of mind offered by Verified by Visa,  Visa's innovative e-commerce security solution.

Emirates NBD's adoption of Verified by Visa signals a joint commitment towards providing cardholders with yet another level of security and delivering unprecedented online safety and convenience to Emirates NBD Visa cardholders, enabling them to make online purchases directly from their bank accounts rather than on a credit card. The partnership will further help drive the use of online payments over cash on delivery for goods bought online, helping to further ensure transaction security and reflects the increasing importance of e-commerce within the UAE, as highlighted by the Government's current drive to increase online Government sector payments.

Emirates NBD went live with the globally trusted Verified by Visa programme for its Visa debit cardholders earlier this month, making it the first bank in the region to offer this enhanced security tool to both Visa debit and Visa credit cardholders.

Mr. Kamran Siddiqi, General Manager Visa Middle East, said: "Visa is delighted to have Emirates NBD as the first bank in the GCC to take forward the Verified by Visa programme for both debit and credit cardholders, working with Visa to protect cardholders and instill confidence in the e-commerce environment. Emirates NBD is the first bank in the region to pioneer this enhanced security for all cardholders.

He added: "We have seen a significant growth in debit transactions and payments in the region. Visa debit cards have become the card of choice for many cardholders and now outnumber credit cards by four to one. The online space is also a more sophisticated and accessible commercial landscape now and our research[1] has shown that 83 per cent of UAE residents have purchased something online. It is therefore even more important for consumers to have the choice of using either their debit or credit card online and with Verified by Visa, we are adding an extra layer of protected security for our customers."

The Verified by Visa service ensures that the person using the Visa debit or Visa credit card online is the genuine cardholder. The easy-to-use function invites registered users to use a personal password to confirm their identity before the transaction is finalised, providing Visa cardholders with greater reassurance and security every time they use their credit or debit card online.  

Siavaram R, Head of Cards Business, Emirates NBD, said: "The adoption of the Verified by Visa programme is in line with Emirates NBD's strategic vision to create a safe e-environment for our customers that will allow them the flexibility and the opportunity to make online transactions with secure and convenient technologies. As pioneers of the UAE banking sector, it is only fitting that Emirates NBD is the first bank in the region to offer this enhanced security service for all its cardholders while helping to promote e-commerce and further consolidate the e-marketplace offering in the region."

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About Visa
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world's most advanced processing networks--VisaNet--that is capable of handling more than 20,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com

Contact:
Rawan El Saleh, DABO & CO - Tel: +971 4 344 4901 or email: rawan.e@daboandco.com 

[1] Visa eCommerce U&A survey 2010. Visa commissioned HPI research to survey 1360 respondents from UAE, South Africa and Russia between August-September 2010.

© Press Release 2011