The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
ALKESH SHARMA / Emirates Business
As reports predict that whopping
revenue of US$2 trillion will be generated through digital payments globally by 2020, experts also press for the need of having secure networks for the companies to ensure there is no cyber money heist.
Industry veterans say that with astonishing rise in the users of digital payment platforms, these mediums will also become more vulnerable to cyber-attacks.
“With each passing day, we are seeing more number of people hooking to online or electronic payments and this trend is expected to spread more rapidly in the coming days. Therefore big players like PayPal, Visa and Mastercard need to beef up their operations at the same pace,†Akshay Makhani, a technology researcher with a Dubai-based consultancy firm, told Emirates Business.
According to reports, nearly 96 per cent of the banks, in Europe, Middle East, and Africa (EMEA) region, are implementing end-to-end digital transformation strategies. And upto 50 percent of the EMEA banks are expected to hire a dedicated Chief Digital Officer (CDO) by 2020 to support these strategies and to ensure that there is no compromise with the systems and networks.
“Cloud computing and mobile apps are going to play a very crucial role in this transformation towards digital payments. We have observed that mobile apps could also be a very deadly medium to transport trojans in the company’s systems and digital officers and technical officers are expected to work in the direction of plugging these gaps,†pointed out Makhani.
As per the recent survey of a US-based consultancy firm, over 1.9 billion people globally are using one or the other medium of mobile money and this number is expected to rise by nearly 10 to 15 percent by mid-2017.
Notably, the upcoming edition of GITEX Technology Week 2016 will also focus upon digital payments and finance and technology sectors.
“Over the years, we have seen the advent of many non-banking players in the areas of digital payment. There are many individual players, offering their services and we need a global regulator to oversee their operations. There should be at least a dozen
security filters before the final processing of money,†Steve Kirsten, a South African expat, who is working as technology officer with a UAE-based money remittance company, told Emirates Business.