online paypers, vol 5 issue 12 trial

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Update on developments in online payments Vol. 5 Issue 12, 05 Sep 2012

Asia-Pacic: the big story lies in e-commerce

FOCUS ON: India: a huge potenal for e-commerce develop-

ment 2

Exclusive interview with Markus Rinderer, CEO,

PAY.ON 4

EXPERT OPINION: India a market ready to harvest

low value payments (by Nebo Djurdjevic, CEO of Cardis

Internaonal) 6

The Asian e-commerce market is not a uniform market, but rather a collecon of

economies currently at dierent stages of maturity. Therefore fragmentaon is to be

expected both in-country and at a regional level. Each market in the region is increasingly

developing its own characteriscs and dynamics. The industrialized countries, like Japan

and South Korea, are very mature markets, and dominated by strong local retailers such as

Rakuten. The Chinese is dominated by eBay -like marketplaces including Alibaba, but also

local retailers such as 360Buy, Joyo and Dangdang. By contrast, India's online market

remains extremely small compared to these countries.

The diversity of culture and languages has very real and specic implicaons for retailers

looking to tap into this market. Also expected and easily jusable is the presence of a

large variety of acve players currently looking to establish themselves in the promising

online payments playing eld.

Asia-Pacic is a vast market and its development represents a real challenge to e -

commerce across the globe. The industry players are facing s compeon both

domescally and internaonally and this makes the country one of the world's most

dynamic and interesng payment markets. Unl now, we`ve seen global companies

including Google, Facebook, Microso on an acquision rampage, but such a scenario has

not been visible in Asia-Pacic unl this year. A lot of foreign companies, especially those

from the US and Europe are now tapping into Asia Pacic or extending their footprint,

driven by the explosive e-

commerce growth and strength of the internet market in theregion.

As the regional fragmentaon is an unavoidable reality in the business environment across

Asia Pacic, the online payment industry in the region implicitly demonstrates a very high

degree of fragmentaon with a high number of new iniaves. From a payments

perspecve, Asia-Pacic has tradionally been a region dominated by the use of cash.

Recently, the increase in the use of credit cards has led to an evoluon of the payment

ecosystem. The online payments market has also grown in importance in recent years as a

result of a boom in the e-commerce market, resulng in the shi of customers from paper-

based payment mediums to online payment mediums.

It is generally considered that Asia has the biggest market potenal in almost every

industry. Highly integrated with the global trading and nancial systems, Asia is

undoubtedly set to become the largest economic region in the world and this will have

signicant and posive consequences on the e-commerce market.

Asia-Pacic: the big story lies in e-commerce

WORD FROM THE EDITOR


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Update on developments in online payments


Vol. 5 Issue 12, 05 Sep 2012

With the numerous innovaons in the digital age, e-commerce has become a great

opportunity for retailers to develop their businesses. Therefore, an increasing number

of companies as well as countries focus on improving and expanding the online retail

market and enable customers all over the world to gain access to desirable goods and

services.

The Indian online commerce market has increased substanally in the recent years.

According to a report released by the Internet and Mobile Associaon of India, the

countrys e-commerce market is jumping at an average rate of 70 percent per year and

has grown by over 500 percent since 2007.

The main factors which contribute to the development of online trading in India

include an increasing number of companies which have launched e-commerce

plaorms, cash-based payments, technology developments such as VOIP (Voice -over-

IP) which have diminished the gap between online buyers and sellers, the emergence

of blogs as an avenue for informaon disseminaon and two -way communicaon for

online retailers, e-commerce vendors and demographics.

On the other hand, the growth of the Indian online market may be hindered by several

obstacles. Limited internet access, gaps in the current legal and regulatory framework,logiscs, security issues and taxes are the main challenges which Indian e -commerce

industry has to face nowadays.

However, in spite of such challenges, the number of internet users who make online

transacons has signicantly grown over the years. According to the India Online

Landscape Report, released by research company Juxt Consult, in 2010, the number of

online shoppers reached 2.5 million, up by 33 percent since 2009. Currently, there are

almost 8 to 10 million Indian users who make online transacons, represenng about

11 percent of the 80 million internet users in the country. According to the Indian

Digital Consumer Study, released by nancial services company Avendus , the gure

represents 7 percent of the enre Indian populaon and 17 percent of the urban

populaon.

According to the same source, although only 20 percent of internet users actually make

online purchases, the number of online shoppers is expected to reach 39 million by

2015. In addion, the Indian online commerce market will increase from USD 6.3 billion

in 2010 to USD 24 billion in 2015.

As far as online purchasing categories are concerned, travel related products

(ckeng, accommodaon) are the most popular category, with air and train bookings

accounng for almost 90 percent of the segment's revenues. In 2011, the Indian online

travel market was esmated at USD 5.5 billion, according to Indian Digital Consumer

Study. The same study has menoned that, between 2010 and 2011, 57 percent of

total online travel revenues came from air travel, while 37 percent came from train

packages, 5 percent from hotel and only 1 percent from bus bookings. In addion, the

online train cket bookings are expected to hit USD 1.8 billion for the period 2010-

2011, accounng for almost 32 percent of the overall cket bookings.

According to 'India Goes Digital' report released by Avendus Capital, a nancial services

provider, apart from online travel, classieds and adversing, which currently

dominate the digital consumer industry in India, online retail or e-

tailing will also gainpopularity.

Furthermore, e-tailing is expected to account for 50 percent of the total e-commerce

market, reaching USD 12 billion unl 2015. Currently, the most popular e-tail goods

include mobile devices (56 percent), computer hardware and consumer electronics (35

percent), closely followed by movie ckets, which account for 30 percent.

FOCUS ON:India: a huge potenal for e-commerce development


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Vol. 5 Issue 12, 05 Sep 2012

The online payments sector has lately witnessed a considerable increase, as consumers

have switched from tradional (cash-based) to alternave payment methods, according to

the white paper Winning Payment Strategies for BRIC Naons released by GlobalCollect.

Credit cards have become one of the most preferred payment methods, yet debit cards

and internet banking have also gained popularity among Indian consumers.

Payments via PayPal are quite limited due to numerous restricons imposed by the

Reserve Bank of India. As a result, PayPal has been forced to make several changes in

order to comply with Indian regulaons. Inially, the export related payments for goods

and services were not allowed to exceed USD 500 and any balance or future payments

could not be used to buy goods or services but transferred to a bank account within 7 days

from the receipt of payment. Yet, in 2011, RBI has increased PayPals export -related

payments for goods and services to USD 3,000 per transacon, according to media outlet

business-standard.com. Hence, Indian small and medium enterprises will now be able to

transact with buyers in markets such as the US, Europe and Asia.

Payments made via mobile devices are also expected to increase over the next years. A

McKinsey & Co research has indicated that India will have about 450 million smartphones

in the next four years. This represents a huge potenal for mobile payments. The e-

payment industry in India is dominated by independent companies such as EBS, CC Avenue

and BillDesk, but the main payment gateway providers are represented by private banks

like HDFC, Cibank and ICICI.

Although there sll are numerous obstacles the Indian e -commerce has to overcome, the

online market has witnessed a steady increase over the last years and forecasts are

opmisc as well. In the following years, India , along with Brazil, Russia and China, are

expected to become a big driving force for e-commerce growth.

PAY.ON expands PayPipe online payment roung

gateway to ChinaGermany-based payment transacons processor PAY.ON, operator of the PayPipe online

gateway for global payment roung, has extended the payment coverage of PayPipe to

China. Read more

Walmart receives approval to acquire majority stake inYihaodianUS-based mulnaonal corporaon Walmart has been awarded condional approval from

Beijing to acquire a majority stake in a Chinese e -commerce company Yihaodian. The

nancial terms of the acquision have not been disclosed. Read more

Partnership between DHgate and PayPal falls through reportChinese online marketplace for wholesale products DHgate has reportedly removed PayPal

as a payment opon from both its online portal and its mobile site, media outlet

ecommercebytes.com reports quong TechInAsia.com. Read more

IN THE NEWS

If you consider that e-commerce accounts for only 5% of trade volumes in the

BRIC countries, there is tremendous growth potenal.

Koen Vanpraet, CCO, GlobalCollect
http://www.thepaypers.com/news/online-payments/pay-on-expands-paypipe-online-payment-routing-gateway-to-china/748378-3http://www.thepaypers.com/news/online-payments/pay-on-expands-paypipe-online-payment-routing-gateway-to-china/748378-3http://www.thepaypers.com/news/e-commerce/china-walmart-receives-approval-to-acquire-majority-stake-in-yihaodian/748401-25http://www.thepaypers.com/news/e-commerce/china-walmart-receives-approval-to-acquire-majority-stake-in-yihaodian/748401-25http://www.thepaypers.com/news/online-payments/china-partnership-between-dhgate-and-paypal-falls-through-report/748355-3http://www.thepaypers.com/news/online-payments/china-partnership-between-dhgate-and-paypal-falls-through-report/748355-3http://www.thepaypers.com/news/online-payments/china-partnership-between-dhgate-and-paypal-falls-through-report/748355-3http://www.thepaypers.com/news/e-commerce/china-walmart-receives-approval-to-acquire-majority-stake-in-yihaodian/748401-25http://www.thepaypers.com/news/online-payments/pay-on-expands-paypipe-online-payment-routing-gateway-to-china/748378-3


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Vol. 5 Issue 12, 05 Sep 2012

UAE Exchange expands to Malaysia

UAE Exchange, a global money transfer and foreign exchange company, has established a

presence in Malaysia by acquiring Malaysia -based remiance company Fast Remit. Read

more

Qiwi, DinoDirect.com to expand in China

Russian-based electronic payment systems provider QIWI has inked a contract with

DinoDirect.com, a cross-border online store, to expand QIWI Wallet payment system in

China. Read more

Agricultural Bank of China selects ACI Worldwide forACI Money Transfer System, Proacve Risk ManageFinancial services company the Agricultural Bank of China (ABC) has selected ACI

Worldwide, a US online payment services provider, in order to implement the laers

Money Transfer System and ACI Proacve Risk Manager as its wholesale payment

processing and an-money laundering (AML) service to enable its expansion into the US

market. Read more

AsiaPay, Yahoo! Hong Kong to launch Member PaymentServiceOnline payments provider AsiaPay has expanded its agreement with Yahoo! Hong Kong by

launching the Member Payment Service. Read more

Markus Rinderer has been the CEO of PAY.ON AG since November

2010 and also a Partner for Barikuta Partners GmbH. He has

previously worked as Project Manager at Wirecard.

PAY.ON serves payment service providers, payment scheme

suppliers, acquirers and risk management providers.

What is the business model for the most successful players in Asia -Pacic and how is

that dierent from the rest of the world?

Markus Rinderer: In the APAC region MSPs/PSPs need to establish a very close

relaonship with the acquiring banks and their sta to accomplish their work successfully.

Addionally, MSPs need to have in each APAC country a local enty in case the MSP wants

to process with merchants in dierent APAC countries. Only Hong Kong and to some

extent probably Australia and New Zealand seem to be less demanding regarding this

requirement.

For example, China is extremely strictly regulated in the way MSPs/PSPs operaon is

running its business. First, a local processing center is required. Second, internaonal

companies must have a local partner with about 50% company share to start business inChina. However the requirements in China are the strictest. Addionally, Chinese

merchants are not used to pay any payment transacon fee, but more open to pay a risk

management transacon fee or risk management service fee. The willingness to pay

transacons fees like in Europe is less developed. The awareness of merchants for a good

payment processing infrastructure characterized by high quality/state of the art standards

and a high level of automaon is much less developed. Oen local APAC MSPs tend to

build their own IT payment infrastructure.

PSPs need to establish a very close relaonship tothe acquiring banks

- Exclusive interview with Markus Rinderer, CEO, PAY.ON AG -
http://www.thepaypers.com/news/online-payments/uae-exchange-expands-to-malaysia/748364-3http://www.thepaypers.com/news/online-payments/uae-exchange-expands-to-malaysia/748364-3http://www.thepaypers.com/news/online-payments/uae-exchange-expands-to-malaysia/748364-3http://www.thepaypers.com/news/online-payments/qiwi-dinodirect-com-to-expand-in-china/748278-3http://www.thepaypers.com/news/online-payments/qiwi-dinodirect-com-to-expand-in-china/748278-3http://www.thepaypers.com/news/online-banking/agricultural-bank-of-china-selects-aci-worldwide-for-aci-money-transfer-system-proactive-risk-manage/748272-12http://www.thepaypers.com/news/online-banking/agricultural-bank-of-china-selects-aci-worldwide-for-aci-money-transfer-system-proactive-risk-manage/748272-12http://www.thepaypers.com/news/online-payments/asiapay-yahoo-hong-kong-to-launch-member-payment-service/748258-3http://www.thepaypers.com/news/online-payments/asiapay-yahoo-hong-kong-to-launch-member-payment-service/748258-3http://www.thepaypers.com/news/online-payments/asiapay-yahoo-hong-kong-to-launch-member-payment-service/748258-3http://www.thepaypers.com/news/online-banking/agricultural-bank-of-china-selects-aci-worldwide-for-aci-money-transfer-system-proactive-risk-manage/748272-12http://www.thepaypers.com/news/online-payments/qiwi-dinodirect-com-to-expand-in-china/748278-3http://www.thepaypers.com/news/online-payments/uae-exchange-expands-to-malaysia/748364-3http://www.thepaypers.com/news/online-payments/uae-exchange-expands-to-malaysia/748364-3


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Vol. 5 Issue 12, 05 Sep 2012

In other APAC countries it is easier to run a domesc PSP/PSP operaon, but local

managers and their local sta should be in relevant or exposed posions to build up a local

touch and strong trust with local clients and acquiring banks. Addionally, many APAC

countries require a kind of local data processing infrastructure from MSPs such as China,

Korea, Malaysia, Indonesia etc. In other APAC countries the requirements are usually

mutually managed by the acquiring bank and the related MSP. The APAC region Australia,

New Zealand and probably Hong Kong is probably most similar to Europes pracces.

Beyond this local APAC MSPs seems to be less involved in expanding their processing

services into neighboring APAC countries. They are less used to provide services to non -

domesc merchants.

Successful business models in payments depend on the condions in the respecve

country such as infrastructure, income, access to banking services, legislaon, culture,

buyers behavior and development of the ecommerce market. The great fragmentaon of

the APAC market is a fragmentaon in terms of all of these characteriscs what has an

impact on payment methods and schemes used in each country. Each country is a

separate case and need a separate business model. For PSPs, the expansion in APAC

means to study each market, players and legislaon, it is an expansion of country by

country. But the Asia-Pacic region now holds 41% of the worlds internet populaon

which is an enormous undeveloped potenal for market parcipants from Europe and the

USA.

In terms of online payments, mature markets such as the US and EMEA will connue to

show very aracve growth rates but the big numbers will clearly come from new

markets such as the Lan American and Asian Pacic region. In your opinion, which

consequences will this have on internaonal PSPs?

Markus Rinderer: European and US-based PSP/MSPs are geng more and more

interested to process payments for Asian markets and their hundreds of millions of Asia

shoppers. Here PAY.ON can help with its best business connecons over its Asian

subsidiary as well as with its roung gateway PayPipe to be connected easy, swily and

directly to the Asian scheme operators and acquiring banks on the base of only one single

API. PayPipe fullls the requirements of all parcipants along the nancial supply chain.

Merchants with strong brands of European and/or US region origin ask for the acceptance

of China UnionPay (CUP) cards of Chinese shoppers. Even some of these merchants plan to

benet even more directly from the economic growth in the APAC zone by strengthening

or ramping up their only sales in the domesc markets of the APAC region directly. These

merchants, especially with internaonal strong brands expect similar processing standards

like they are used to in Europe or US. Internaonal PSPs have here a great chance to follow

these merchants into these markets and to undergo a learning curve as well.

It seems also that the steady domesc growth in ECOM merchant business in the APAC

region does not force APACs PSPs/MSPs to expand their services into other APAC markets.

Only the MSPs/PSPs like AsiaPay Group (Hong Kong) and GHL Group (Malaysia) of APAC

origin seem to be an exempon for such a behavior. On acquirer level only internaonal

players such Global Payments (with HSBC) and First Datas Merchant Services (with

Standard Chartered Bank) provide services in various Asian and South East Asian countries.

In your perspecve, can Asian markets leapfrog development stages when they learn

from other regions or when European/US big players from outside tap into these

markets?

Markus Rinderer: Asian merchant markets are interested to sell their products and series

abroad and need state of the art risk management services which they are quite oen not

receiving at the same level like European or US based merchants. Some Western Risk

Management Providers seem to take advantage of this at this moment. The strong risk

management service proposion of European or US based MSPs could be advantageous to

convince Asian merchants as along as sucient local touch such as support of the local

language and familiarity with local business pracces is presented by the foreign MSPs.

Please noce the fees for processing payment transacon are in the range of the US or


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Vol. 5 Issue 12, 05 Sep 2012

(somemes much) lower. The acquiring banks have usually the biggest value generang

stake on payment processing level. Generally, the culture of selling added value services is

less developed in APAC markets.

Does fragmentaon hinder the progress of online payments in the region? Is it fair to say

that from this point of view, Asia-Pacic is a reecon of the European payments

culture? Can you point out dierences/similaries (examples)?

The Asian/AP market is fragmented in a sense that local payment methods do also exist,

just like in Europe. The relevance of the local payment schemes depends very much on

each specic APAC market.

The availability of internaonal debit and credit cards varies strongly from country to

country. In Hong Kong, Singapore of South Korea the penetraon of credit cards of

MasterCard or VISA is quite strong while other regions like Philippines, Vietnam etc.

compared to the size of the populaon are much behind regarding the availability for use.

Such paerns have been seen also in Europe. Regarding both aforemenoned topics a

similarity between Europe and Asia can be idened.

However the rao of the unbanked populaon in the Asian region (maybe less in fact in

the APAC region besides Philippines, Vietnam) is signicant compared to Europe. This is

also a huge chance for any mobile payment service iniaves.

Some dierences:

- For VISA and MasterCard, in Asia there is not a processing cross licensing culture for

Asian/APAC acquiring banks such as in Europe which i s a unique region in this respect.

- The rao of cross border shoppers within the APAC region is unl now lower as in the

European zone, in parcular compared to the most developed European economies such

as UK, Benelux and Scandinavian countries and German speaking Europe etc.

The market fragmentaon can be easily overcome in the same way as in Europe where

payment gateways serve as an access point to all important payment schemes. As a global

processor PAY.ONs services are an accelerator or rather a distributor for all internaonal

payment methods for the whole payment industry. Over its white label PSP plaorm

PaySourcing and roung gateway PayPipe clients are automacally connected to all

available payment schemes worldwide. Actually several hundred PSPs, acquirers,

merchant service providers and nancial instutes are using one or more of PAY.ONs

services. Doing so, our several hundred clients in the US, Europe and around the globe can

directly bring our Asia/Pacic connecons into use for their merchants to connect them to

the Asian to the hundreds of millions of consumers. Thus PAY.ON is a guarantor of the

immediate availability of all needed payment methods worldwide.

India a market ready to harvest low valuepayments

By Nebo Djurdjevic, CEO of Cardis Internaonal

Nebo Djurdjevic has 18 years of experience in senior business and

technology management roles in electronic payments, having

developed and marketed advanced electronic payment soluons

based on chip card and mobile technologies. He was previously amember of the execuve management team at Intellect Group

where he was instrumental in providing payment soluons to

nancial instuons around the world.

Based in The Netherlands, Cardis Enterprises Internaonal provides soluons for cost

eecve processing of low value payments. The Cardis low value payment plug-in is

currently deployed with Raieisen Bank Internaonal in Austria and in implementaon

EXPERT OPINION


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Vol. 5 Issue 12, 05 Sep 2012

with a range of nancial organisaons worldwide.

In this arcle Mr. Djurdjevic shares his impressions from a recent visit and discussions with

Indian payment organisaons. He also has some advice for nancial instuons and other

payment players parcipang in this market.

Indias economic stascs paint a picture of a big, bold and burgeoning market. However,

when it comes to the payments environment the Asian elephant will need the light -

footedness of a mountain goat to thrive.

India is ripe for technologies that are agile and yet also able to address the core needs of

the worlds largest democracy. The majority of Indias 1.2 billion people are currently

using cash but there is every sign that this will change with growing consumer condence,

a rapidly increasing middle class and a young generaon eager to pay and manage their

nances electronically, he believes.

Payment soluons giant TSYS esmates Indias middle class is currently at around 350 to

400 million greater than the total populaon of the US and that it is growing at ve per

cent annually. This is a demographic group with a healthy appete for consumer goods

which will be demanding convenient yet safe access to its funds.

Although internaonal and commercial banks have done much to cater for the top earning

segment of the populaon, there is now an enormous opportunity for commercial and

public sector banks to serve the needs of the growing middle and lower middle classes.

Another important engine for growth is the countrys vast populaon of un(der)banked

who, parcularly in the rural areas, are cut o from basic banking services let alone non -

cash based payment mechanisms and electronic banking.

Inclusion and security are vital for growth

Based on data published in the TSYS White Paper, Incredible India! Four Imperaves to

Accelerate Electronic Payment Adopon, the prepaid customer segment is esmated at a

staggering 600 million, poinng out that this presents the most signicant room for

growth. Unlike the users of credit cards, this target market is made up of the lower

segment of the Indian populaon who mainly pay for low value items and services. Low

value transacons are typically anything below 750 Indian Rupees (below $15).

Whereas nancial inclusion will get the consumers into the banking system, this will not be

enough to smulate electronic payments. The reason is that most of the merchants where

the under-banked spend their money do not accept cards resulng in almost exclusively

cash payments.

Financial instuons and merchants in India have an ideal opportunity to engage this

market. The good news is that there are already a host of iniaves under way in the

market, including the launch of the RuPay debit card scheme by NPCI, and the regulatory

push by the Reserve Bank of India around security and Chip and PIN migraon.


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Vol. 5 Issue 12, 05 Sep 2012

There is also technology available that does not require major changes to exisng systems

and infrastructures and that encourages merchants and consumers to reduce their

dependency on hard cash for small value items. Cardis Internaonal has for example

developed a low value payment plug-in which uses aggregaon of low value transacons.

The plug-in reduces transacon costs by a factor of ten and, moreover, oers an aracve

acceptance proposion to merchants.

In rural areas, the challenge of infrastructure can be overcome by the adopon of mobile

technologies. Mobile payments are best posioned to reap the rewards, in this case the

potenal of ushering millions from the informal banking system into the formal one.

For any soluon to be successful in India it will have to be exible and include mobile

technologies.

No need to wait!

While some of these iniaves will take me, Djurdjevic believes the country can

accelerate its eorts to bring the mass market to payments by looking seriously at low

value payment opons. He oers the following advice for players in the Indian market:

Leverage EMV in a smart way. Consider a secure o-line soluon or low value payment

plug-in that bundles (aggregates) transacons to dramacally reduce the cost of individual

transacons, does not require major investment in POS and telecommunicaon

infrastructure AND safeguards transacons from the and fraud.

Take a phased innovaon approach: Because of the size of the market and the

challenges with infrastructure, India needs a soluon that is channel and form

factor agnosc i.e. a soluon that can be used in parallel across dierent form

factors such as chip cards, contactless cards, non -NFC phones, NFC phones,

computers or tablets over a period of at least ve to ten years.

Implement a protable payment proposion: Issuers who aim to target middle to

low income segments of the market should look at a proposion that generates

money from every transacon processed. This is possible by fundamentally

rethinking the tradional card payments model, especially for low value payments

which is the vast majority of payments made by these segments.

Terminalisaon of merchants: Both xed (ie up-front) and variable (ie ongoing)

costs have to be adapted for merchants in rural, underdeveloped and poor areas.

Using the mobile phone as POS device resolves the xed set -up costs of tradional

POS terminals. New technologies such as transacon aggregaon can enable

acceptable on-going transacon costs.

Develop a posive business case from EMV: EMV migraon is currently seen as a

regulatory requirement that will be costly and divert a lot of resources from the

business. Banks can turn this around by making sure that their EMV investment

generates returns through incremental payment volumes. This is possible but a cost

-eecve low value payment soluon should be high on the agenda.


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Vol. 5 Issue 12, 05 Sep 2012

On the 1-2 October 2012, the leaders driving innovaon in the Middle Eastern banking

industry will come together for the Middle East Banking Innovaon Summit in Dubai. The

aim of the summit is simple: to provide the informaon and tools needed to encourage

innovaon within the banks and nancial instuons of the Middle East, in order to

facilitate nancial growth.

Middle East Banking Innovaon Summit is designed to promote the networking, learning

and idea sharing that will result in compeve oerings, improved customer engagement

and reduced costs.

Join over 200 senior level professionals including CEOs and CIOs, who are commied to

innovaon within the banking industry. This event will showcase the most excing trends

and case studies in the region, keeping you up -to-speed on how the banking industry is

evolving and how you can take full advantage.

Aending Middle East Banking Innovaon Summit will give you the unique opportunity to

meet and network with senior level strategists and decision makers of the banking

industry across the MENA region. Every minute out of the oce counts, so we will ensure

that you are networking at the highest level possible. Delegates will include:

Banking instuonsIncluding but not limited to 100 top banking instuons from

convenonal to Islamic banks;

Regulatory Bodies and AssociaonsHosng key associaons and senior

representaves from Central Bank, nancial centres and Government instuons;

Service Providers Consultants, nancial products and services innovators, IT

providers.

We would like to inform you that in the next edions of the Online Paypers newsleer, we

will connue to focus on some of the most important developments and iniaves in the

online payments and e-

commerce eco-

system in parallel with a series of exclusiveinterviews with representaves of payment services providers whose role on the online

payments market is not dicult to dene, including Alipay, Chase Paymentech.

The Online Paypers newsleer is also aimed at keeping its readership informed with

regard to online fraud prevenon innovaons and the most signicant trends in the e -

identy space, from a technological perspecve. If you would like to contribute with an

expert opinion on any of the topics above, do not hesitate to contact us at

[email protected].

UPCOMING EVENT YOUR OPINION IS IMPORTANT TO US!

About: Online Paypers is a bi-weekly update on developments in online payments by The Paypers, the portal for

payment professionals.

Editors: Adriana Screpnic, Mihaela Mihaila, Ionela Barbuta and Melisande Mual.

Website: For more informaon, please visit our websites: www.thepaypers.com

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