Both e-commerce and
e-payment have grown from radical new concepts to big parts of the global
economy in the last 20 years. However,
while these sectors have largely become a part of daily life in many countries,
in Jordan they have only just begun experiencing significant growth.
اضافة اعلان
Some of the main challenges facing electronic payment acceptance in
Jordan have been a lack of trust in the security of online transactions and the
scarcity of electronic tools. Consumer awareness and confidence in shopping and
paying online have steadily increased due to the emergence of more electronic
tools and enhanced cybersecurity, especially in light of the rise of mobile
applications facilitating e-commerce. The percentage of online purchases is
still higher than that of electronic payment, though, as some consumers remain skeptical
about the security of e-payment methods.
As a solution to the prevailing concerns surrounding e-payment, Network
International is currently collaborating with international institutions to
facilitate smoother, safer and more convenient electronic payments. Network,
for one, implements Risk-Based Authentication, a practice that is being applied
globally to assess the probability of an account getting compromised with each
login to mitigate potential risks.
Local commercial banks are now providing more operational services to support
the sector in step with the global uptick in e-commerce, which has led to an
increase in online shopping and e-payment transactions. The strengthening of cooperation
with international institutions, or “dual collaboration,” has also strengthened
banks' dealings and transparency. For the last few years, Jordan has been witnessing
a Golden Age in e-payment and e-commerce. But in order to fully embrace the
sectors and their potential to transform the Jordanian economy, a fundamental
shift in the overall mindset towards electronic payment and e-commerce is
needed.
One way to expedite this shift and encourage the growth of the e-payment
industry is to introduce educational courses on financial literacy focusing on
the latest electronic payment methods and e-commerce trends at the secondary
and university levels. Doing so will help produce a more financially literate generation
that better understands electronic payment, thereby strengthening the system and
supporting the industry.
Secondly, to help the e-payment industry reach optimal efficiency, there
should be a clear and fundamental axis for legislation governing and regulating
electronic commerce and outlining a clear vision for the industry. Ideally, it
should reach a point where some services are conducted entirely electronically,
powered by Artificial Intelligence (AI)—keeping in mind that this would not
mean dispensing with current employees, but rather providing support to help
streamline their work and responsibilities.
Lastly, a key component for e-payment industry growth in Jordan is the
government’s cooperation with the private sector. The government ought to
identify growth targets for the industry and then allow the private sector to
utilize their knowledge and experience to implement the right projects, systems
and methods—similar to the implementation of the Efawateer.com project which
has been largely successful. By working together, the government and private
sectors can help facilitate the success of the e-payment and e-commerce sectors
and further encourage their acceptance within Jordan.
In terms of e-commerce and e-payment, it’s clear that Jordan is still in
the preliminary stages of development compared to the rest of the world. While
much of the support for these sectors will be on providing the right
infrastructure, regulations and policies, arguably the most vital component is
the shift in local mindset towards online payment. By creating greater
financial literacy and understanding, introducing set legislation and
encouraging cooperation between the government and private sectors, we can further
stimulate the necessary shifts that will ultimately boost consumer confidence and
drive the transformation of e-commerce and e-payment within the Kingdom.
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