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CashU system eliminates online purchase risks

Dubai, January 25, 2012

CashU, a leading secure online payment provider, recently launched a payment platform that eliminates the risk of phishing and card cloning, threats which negatively affect consumer online purchasing habits.

CashU’s solution has attracted top Internet merchant sites regionally that include online giants souq.com and cobone.com as well as UAE-based games developer tahadi.com, a statement said.

“In this digital age, consumers are increasingly aware of the risks they are taking when shopping online, the threats of phishing, cloning and identity theft involved in releasing personal information,” said Martin Waldenstrom, CEO, CashU.

“The secure CashU pre-payment system cancels the risks consumers face when spending online and also protects young gamers who don’t have access to bank accounts or credit cards.”

It is estimated that the Middle East and Africa will experience the highest Internet traffic growth in the next four years at 51 per cent and Internet gaming is expected to grow in line with this expansion at an average compound rate of 39 per cent in the same timeframe.

The Middle East’s online gaming industry is estimated to be worth $750 million and a total of 130 gaming events worth Dh574,551 ($156,147) were held in the UAE in 2011: a number that is set to grow with the provision of secure online payment systems, a statement said.

According to Tim Stokes, sales & marketing director, PlayStation Division, gaming in the Middle East comprises 2 per cent of the global $45 billion market in total international sales.

The CashU pre-paid system is simple and does not require a bank account or credit card, meaning the younger gaming generation – which comprises a large percentage of online users – can gain access safely.

Currently, 30 percent of CashU customers use their pre-paid services to pay for online gaming services and it serves more than half a million online users making payments to more than 7,000 merchant sites.

With smartphone penetration in the Middle East predicted to be more than 70 per cent by the end of 2016, consumers are increasingly demanding easy mobile Internet access and with it access to online accounts.

CashU is meeting this demand head on, by providing their services in the expanding Middle East market, according to the statement. – TradeArabia News Service




Tags: UAE | Dubai | Phishing | gaming | cashU | Online purchase | Pre-paid services |

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