The largest Shariah bank in Qatar successfully streamlined its cashless payment processes, significantly reducing transaction time while simultaneously boosting its security features.
Qatar Islamic Bank (QIB) is now implementing Visa Checkout – a new payment option for online purchases and transactions available to its cardholders – in a bid to strengthen its hold on e-commerce-savvy customers.
“Online shopping has been growing significantly in the last years, and we are aware that customer experience has become central to e-commerce and the shift of consumption to mobile made us think about a new and improved payment experience,” explained D Anand, the general manager of QIB’s personal banking group.
The new payment service overcomes a major issue faced by online shoppers: the seemingly unending (and unnecessary) line of security and personal detail questions. From 44 fields, QIB has managed to slash the number of required fields to be completed by customers when performing an online payment, by over 95% to a mere two. This is done by, among others, eliminating the need for specific card details – these are replaced by a unique user ID and password.
Never been done before in Qatar, QIB is the first to have adopted this solution which utilizes a set of propriety and advancement management tools to prevent fraud – an example of the tools is 3D Secure Technology, part of a service providing a password-protected authentication system to confirm the cardholder’s identity every time the card is used online.