Online payments from one UAE bank to another and on-line purchases using direct debit will be possible soon

Dubai, United Arab Emirates, 27 August 2001

In addition to providing a link for Comtrust, e-commerce system to the UAE switch network, the UAE Central Bank will also formulate and implement the necessary rules and regulations for online direct payment by bank's customers in the UAE.

The Direct Debit E-payment Service that re-emphasizes the UAE's standing as one of the world's leaders in the 'New Economy', will make it possible for a customer of one bank to make payments to customer of another bank through direct debit of account.

Online payments through credit cards have been the only solution available in the country until recently which were pioneered in the Middle East region by Comtrust more than a year ago. While online credit card payment solution offers benefits to merchants in the form of immediate capturing of money, it is limited to small value transactions. Now that country is embarking upon major e-government and business-to-business e-commerce initiatives, the need for a robust e-payment solution has become critical.

E-Business provides major benefits to organizations in the form of cost savings, reducing cycle times, and increasing productivity. Although, certain e-marketplace initiatives have progressed significantly in the country but the payment mechanism to complete the payment cycle electronically was missing. The Direct Debit Electronic Payments service will enable completion of e-business loop by facilitating online payments. It will further facilitate E-Government initiatives to accept online payments from individuals as well as businesses, thereby providing great amount of convenience and speed to all participants.

"On consumer front, ability to make online payments has been limited by the fact that not everybody in the country has credit card. As such the popularity of online payments could not be increased beyond certain limits. This has been a limiting factor towards the growth of e-commerce and e-government payment transactions, " says Comtrust's General Manager, Omran Al Owais. "This will all change with the introduction of the on-line Direct Debit Electronic Payments service, which will bring the world of virtual shopping within the reach of hundreds of thousands of more people who possess an account with a local bank."

Security and speed are the key features in online transactions and Comtrust is the only service provider in the Middle East region to cover these areas. As an added form of protection for users of the e-payments service, the Central Bank and Comtrust will jointly issue digital certificates to authenticate individuals and organizations. Digital Certificates, will authenticate the identity of a person or a business in the course of electronic payment transactions over the Internet.

"Comtrust is committed to expanding its services locally and regionally. The direct debit electronic payment service is the first of a suite of services that Comtrust will provide to customers, with the sole aim of enhancing value for them. This is the key to the growth and success of e-commerce and online business," said Al-Owais.