cashU Secures Online Spending for Burgeoning Middle East's Online Gaming and Trade
Cancels out cyber risks; top regional merchants include souq.com, cobone.com and tahadi.com, and global include Skype, facebook and Gameforge.
- (1888PressRelease) January 26, 2012 - Dubai - cashU, a leading secure online payment provider, is set to harness the growth of the Middle East's online trade with its unique payment platform. CashU's solution cancels out the risk of phishing and card cloning, growing threats which negatively affect consumer online purchasing habits. cashU's proven platform attracted top Internet merchant sites regionally that include online giants souq.com and cobone.com as well as UAE-based games developer tahadi.com.
"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. 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", said Martin Waldenstrom, CEO, cashU.
It is estimated that the Middle East and Africa will experience the highest Internet traffic growth in the next four years at 51 percent and Internet gaming is expected to grow in line with this expansion at an average compound rate of 39 percent in the same timeframe. The Middle East's online gaming industry is estimated to be worth US$750 million1 and a total of 130 gaming events worth AED574,551 were held in the UAE in 2011: a number that is set to grow with the provision of secure online payment systems.
According to Tim Stokes, Sales & Marketing Director, PlayStation Division, gaming in the Middle East comprises 2 percent of the global US$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 percent 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.
About cashU:
cashU established in 2002 by Maktoob (now Yahoo) is a Payment Service Provider with a focus on Internet payments across the Middle East and North Africa. Headquartered in Dubai, the company serves global and regional online merchants with a complete suite of payment solutions custom built to cater for local culture and the Arabic online buying habits and trends.
The company's management team is the region's most experienced online payment experts with a solid background from regional and international banking, credit card processing, alternative payment solutions and online monetization and marketing industries. cashU is built upon, and encapsulates the most sophisticated and up to date fraud prevention and AML systems reducing the risks associated with online payments for both buyers and sellers which all allows for wider, safer and faster consumer participation in e-commerce.
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