In an effort to provide its customers with a better customer experience, Qatar Islamic Bank announced a latest security feature which aids authentication for online payments for its visa credit cards. The bank has added “3D Secure Technology” for all Visa card holders, which is a password-protected authentication system offering foolproof identification confirmation mechanism. The technology is capable of automatically recognizing QIB Credit Cards at all the participating online stores, after which the user is required to enter ‘One Time Password’ (OTP) to carry out an online transaction. ‘One Time Password’ (OTP) is sent to the customers via SMS once card details are entered. Card holders can also use mobile smartphone application (QIB Aman) to generate OTP.
Many credit card holders avoid making online purchases owing to security concerns. An Authenticated Payment system like 3D Secure is likely to boost customers’ confidence since it offers a secure way to make payments online.
Mr. Anand, QIB’s Personal Banking General Manager expressed confidence in the newly adopted 3D Secure Technology and hoped that its use will improve online security, hence enhance overall customer experience. He also explained how the new feature has been integrated into the system and does not require any new software. The feature also extends full control to the cardholder while the card is being used to conduct transactions. Mr. Anand also added that the new feature is also likely to benefit the merchant, since it hardly impacts interaction with the customers, while promises to boost sales and build customer confidence. The merchant is also less likely to experience fraud and disputed transactions.