By: Samna Ghani
London, England (CLN) – According to eMarketer, business-to-consumer (B2C) ecommerce sales have grown by 21.1 percent and have reached more than $1 trillion in 2012. It is forecasted that B2C sales will increase by 18.3 percent in 2013 to approximately $1.298 trillion worldwide. The Asia-Pacific region is expected to surpass North America as the number 1 market for ecommerce sales.
While these figures are quite promising for businesses engaged in ecommerce, it is also important to note that cybercrime stands at $388 billion and is 100 times more than the annual expenditure of UNICEF. Nearly one million adults become cybercrime victims every day. Forty-four percent of all online adults have experienced cybercrime last year.
A company that has attempted to deal with online fraud since its inception is Paymenex. Paymenex is a universal electronic payments technology company that initially started as a project in 2005. It was part of an academic graduate research investigation into the cause of card not present fraud in the United Kingdom. This academic research quickly turned into a successful commercial product in 2007.
Paymenex is engaged in facilitating real time electronic payments between consumers and businesses. It provides a global switching of electronic money transactions, payment processing, and real time gross settlement (RTGS) for financial institutions.
It is the company’s mission to manage a sustainable and low-cost global interchange network and to connect financial institutions and professional organizations by facilitating online payments. The company is focused on providing top-quality service to its clients by following key values including integrity, excellence, passion, agility and citizenship. It is also committed to providing a payment system that is secure and that has the ability to protect both cardholders and merchants when conducting online transactions.
These services are provided to clients worldwide through an advanced network called Paymenex TransNET. This is an open membership, low-cost multi-channel interchange network that is operated by Paymenex Regional Administrators worldwide. It delivers specialized services including electronic bill presentment and payment, gift and loyalty card management, RTGS and switching. Paymenex TransNET is a highly secure and reliable system providing clients with an online payment solution that protects them from fraud losses.
These services are also available on mobile technology through the use of xWallet Mobile. xWallet Mobile is a versatile technology with capabilities of mobile banking, mobile wallet, mobile payment and mobile loyalty services. It is also the first international mobile money platform that can be used in numerous countries around the globe and in multiple currencies.
xWallet enables users to make payments to merchants, send money to friends, colleagues, business associates or clients, pay their bills, make online purchases, find information related to their balance, PIN and other similar services. With a Paymenex Debit Card, xWallet Mobile users can have access to their local banking services as well as manage their bank accounts from anywhere in the world. It is secure, mobile and flexible.
Paymenex continues to work toward optimizing the safety and security of its financial products and to ensure that consumers around the world are able to conduct online transactions without having to worry about fraud losses or the misuse of their financial information.
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Samna Ghani is a published author and a freelance writer and editor. She has a Master’s degree in Business Administration and writes regularly on topics related to business, finance, marketing, health-care, publishing and the global economy. She contributes to several publications on a freelance basis and is also an active member of the Mississauga Writers Group. Samna has a passion for writing and is constantly engaged in developing her skills as a novelist and journalist.