The National Bank of Egypt (NBE) and Visa recently launched online solutions aimed at providing customers with secure, convenient and reliable means to make purchases via the Internet.

NBE launched the Verified by Visa service, a simple-to-use service that confirms the cardholder’s identity with an extra password for online transactions. The service will ensure NBE Visa cardholders will benefit from the security, convenience and efficiency of Visa when choosing to shop online.

With Internet penetration in Egypt at over 30 per cent of the total population as of January 2011 and expected to grow by 40 per cent annually, the potential to grow e-commerce is substantial, a statement said.

In addition, NBE has recently begun their summer campaign for the Visa Credit cards to drive purchase transactions over cash. The campaign will run until August 31 with 1,000 prizes to be won. As NBE is the biggest issuer in the market such activity will help change the market behaviour towards electronic payments.

“The National Bank of Egypt is pleased to up-level its offering to customers and work closely with Visa on these great initiatives,” said Hazem Hegazy, Head of Retail National Bank of Egypt.

“At NBE we believe providing value-added security services to our customers is crucial. The more services, products and promotions we are able to provide, the better we’re able to give our clients what they need and encourage customers to use their payment cards inside Egypt.”

“Ensuring a robust and secure platform for online payments has been one of our main focuses at Visa for over a decade now,” said Tarek Elhousseiny, Visa’s general manager for North and Francophone Africa.

“The launch of Verified by Visa with NBE is another step towards the development of a safe and convenient e-commerce environment in Egypt.  Providing advanced security options when using electronic payments online, provides consumers and bank customers additional peace of mind and confidence in their financial institutions,” he added. – TradeArabia News Service