Ecommerce taking new heights

The volume of the online sales  within 2007 shows an incredible growth. The increase of the total amount of the online transactions together with the number of online purchases and the turnover in the separated industries proves the growing popularity of the online type of banking and shopping.

Turkey has proudly announced that basing on the Outlook 2007 the volume of the online purchases doubled in comparison to 2006, reaching $5.5 billion. The number of the online transactions increased on 150%, spinning up to $54.1 million transactions to $21.7 in last year. Total amount of spending via credit card achieved the point of $142.8 billion and via debit cards $131.2. The tourist input, as being one of the major sources of the federal income for Turkey, jumped on 18% with $4.6 billion.

As one of the factors determining the rapid increase of online transactions via credit cards it was named the introduction of Chip &Pin security system, initially governmental initiative, that supposedly has to limit the possibilities for the ID theft and credit card fraud. The other innovation that has to facilitate and secure online banking will be the introduction and further installation of what so called 3D Secure system. The system is based on the placing the web site of the bank, issuer of the credit card, as a middleman. In other words, the credit card holder while processing the transaction has to contact the bank's web site to verify the password. Shortly saying, the developers believe that such model of securing the online purchasing would eliminate the risk of the credit card fraud as even if the thief obtains the credit card number he would not be able to determine the password. However, we would rather remain skeptic on success of the said innovation. We would remind you about Prg Banking Trojan being able to feed the code that determines how to process the payment avoiding the tentative to determine the user and password.     

Natalia, reporter of Ecommerce Journal