NeO is the first payment gateway to be created in the UAE, customised to match the needs of merchants in the Middle East, tradearabia.com reports. NeO allows merchants to accept Visa, Mastercard, Amex, Diners, Discover and Mercury payments for goods and services online and via mobile devices.
NeO provides merchants with the ability to prevent online fraud losses and removes friction from the buying process by offering one-click checkout to maximise online sales. Currently live with over 100 merchants, Network International is now able to offer its world-class payments platform and associated benefits to other online businesses across the UAE.
Network International is the largest ecommerce payments provider in the UAE and has processed over USD 5.4 billion in online value in 2014. The company developed NeO to meet the specific needs of merchants in the Middle East. Network’s GCC Payments Innovation Survey in 2014 identified several key drivers for ecommerce growth in the region including greater security and ease of checkout.
The payments study revealed that security is the number one concern for consumers in the Middle East and that merchants that accept payments via NeO utilise security protocols and fraud monitoring capabilities. The platform also provides the added security layer of tokenisation - the replacement of sensitive data with a unique identifier that cannot be mathematically reversed - to render payment card data meaningless to hackers.
“While 34% of the UAE’s 8.4 million population are e-shoppers, ecommerce is only about 2.5% of total retail spend,” said David Mountain, chief commercial officer, Network International.
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