Visa addresses future of payments innovation at Middle East

Global payments company, Visa (NYSE:V), has hosted its Security Summit for Middle East and Eastern Europe, bringing together key stakeholders to discuss the trends, challenges and innovations in payments security that are transforming the way we pay across the region and globally.

The summit theme, The Future is Digital – Securing a Connected World, reflects the growing connectedness of an increasingly digital world shaped by new consumer behavior, new players, and new solutions. Gathering in Tbilisi, Georgia, leaders from Visa and around 100 senior executives from key financial institutions, merchants and governmental bodies across MENA and Eastern Europe discussed local and global risk trends, protecting the payments ecosystem from evolving cybersecurity threats, improving the customer experience, and shaping the future of digital payments.

Delegates also discussed a number of key challenges, including the expansion of the fintech sector, the emergence of connected devices, and the proliferation of data have created potential new security vulnerabilities, which must be addressed to maintain trust in the overall system.  

“For people, merchants and governments to use electronic payments and enjoy their benefits, they need to trust them. That is why we invest in cutting-edge technology, and collaborate with our partners through platforms such as our Security Summit to ensure everyone is protected every time they pay or are paid using our products, solutions, and network,” says Hector Rodriguez, Regional Risk Officer for Central and Eastern Europe, Middle East and Africa, Visa.

He added: "The ever-changing nature of security risks necessitates continuous innovation to keep all parties involved in a transaction safe and secure. Visa Checkout, for instance, is a highly effective innovation that is helping to underpin the rapid growth of the region’s eCommerce sector. Meanwhile, contactless innovations can provide additional security to in-person transactions by generating a unique code that makes stolen card information unusable. Although there is no ‘silver bullet’ for payments security, we have shown that by innovating and collaborating to develop new, complementary tools and approaches, we can help to strengthen the integrity of the payments ecosystem across the region and worldwide.”

A representative from Al Rajhi Bank said, “In the dynamic banking market of Saudi Arabia that is evolving faster as the government accelerates its economic diversification agenda, continuous innovation is a necessity to safeguard the interests of all the parties involved in the process. Partnering with global companies like Visa help us to foresee and analyze potential risks, and put in place systems that ensure the security of our systems. As digital banking becomes a strategic growth focus for Saudi banks due to its double-digit growth rate, we believe platforms like Visa’s Security Summit are all the more necessary to ensure the safety our payments landscape, and guarantee our customers a secure and modern banking experience.”

Visa has made huge strides in creating secure payment systems across all platforms, and is at the forefront of advocating data security and fraud prevention measures that go beyond industry standards. Through technological innovation and in partnership with financial institution clients, governments, regulators, and merchants, Visa has reduced global fraud rates to near historic lows, even as Visa transaction volumes are on the rise.

“Convening a group of the most influential industry stakeholders helps us ensure that we keep looking at ways to work smarter and better with our partners so that together we can protect the payments ecosystem from risks in our shared future,” said Rodriguez.