45pc in UAE ‘scared to use credit card online’
News from Trade Arabia:


Dubai, 7 hours, 0 minutes ago

About 45 per cent of credit card holders in the UAE prefer not to use their credit cards online fearing fraud, according to a recent study.

However, using credit cards online was far safer than using it anywhere else, said Martin Waldenstrom CEO, cashU, a payment service provider with a focus on Internet payments.

“Cards are being compromised. The majority of cards which are compromised are compromised offline. At places like restaurants and hotels. Card details are copied and details stolen. This is why payment gateways mitigate the risk of phishing and card cloning. This is why we are encouraging consumers to turn to payment gateways as a reliable avenue,” said Waldenstrom said. 

Payment gateways in the UAE are the safest option for consumers in order to avert fraud. With the rise of online payment gateways in the Middle East the eCommerce landscape is changing leading to an exciting online era for consumers, he said.

Payment gateways provide merchants with a unique safe payment solution that reaches millions of potential online buyers in the Mena region. 

He added that in the next few years there would be new apps and technology that would take online safety to the next level and reassure consumers. “Near Field Communication (NFC) is the next…………… continues on Trade Arabia

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US consumer credit growth cools, credit card use sags
News from CNBC.com:

WASHINGTON (Reuters) – Growth in U.S. consumer credit cooled in September as households appeared to use their credit cards more sparingly, Federal Reserve data showed on Wednesday.

Consumer credit grew $ 11.36 billion in September, just above the median forecast in a Reuters poll of analysts. But the reading was lower than the $ 18.39 billion in credit growth registered the prior month, according to revised figures.

Revolving credit, which mostly measures credit-card use, dropped $ 2.90 billion in September. Nonrevolving credit, which includes student and auto loans, rose $ 14.27 billion.

Credit has been expanding almost continuously since mid-2010 as the country recovered from the 2007-09 recession. Overall consumer credit has expanded in eight of nine months this year.

Growth in revolving credit has been more choppy. The decline in September marked the third drop in four months.

(Reporting by Jason Lange; Editing by Neil Stempleman)

(c) Copyright Thomson Reuters 2012. Check for restrictions at: http://about.reuters.com/fulllegal.asp

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