Press release for Turkish launch:
24 Solutions will improve Turkey’s digital payment security
In the digitizing world, it is of utmost importance that data and information security are secured at the highest level when it comes to e-commerce, banking and FinTech both in from the perspective of the provider and the consumer. Emerging technology and ever-increasing cyber threats requires effective and innovative solutions that can be used in the world online.
The highest security standard in the world of payment systems is the Payment Card Industry Data Security Standard (PCI-DSS). A standard created by Visa, MasterCard, American Express, Discover and JCB. Being very specialized, there are only a selected amount of organizations working with it around the world.
24 Solutions has more than 15 years of experience as a provider of consultancy, audit and certification services in the field of PCI-DSS. And, they continue their activities worldwide. (headquarters are in Sweden), by opening an Istanbul office.
Online Payment Security benchmark is on the rise
This global standard, which consists of technical and operational processes, provides effective protection against fraud and hacking as well as secure payment of card payments. There are very few companies in the world that offer both PCI-DSS compliant infrastructure and QSA services. 24 Solutions can offer high security and compliance for all companies and institutions that require this area of expertise.
At the press event, hosted by Emrah Elmas, Country Director of 24 Solutions Turkey, and honoured by Theresa Hydén, Consul General of Sweden, Republic of Turkey, 24 Solutions CMO Disa Jernudd and CEO Daniel Werner were also present and all shared important information about the transition into a cashless society and ensuring security for payments in the digital world.
Digital Payments are increasing across the globe
Daniel Werner noted that the growth rate of digital payments is expected to increase further, and as per reports released in 2016, and that 426.3 billion transactions were realized in 2015. Daniel shared that cash usage has fallen and instead usage increased for bank cards, digitalization and alternative payment systems, and that the biggest tool, credit cards, is the most preferred digital payment method in the world with a share of 11.8%.
98% of Swedish people’s spending is digital
Mr Werner stated that payments made in cash in Sweden account for only 2% of all purchases and 98 percent is made by digital payment methods, “Sweden’s target is to get rid of cash and become the world’s first 100 percent cashless society. According to a report released by the country’s biggest radio channel Swedish Radio in March. Sweden should be able to become a 100% cashless society by 2021. But, a country that relies on payments with digital methods becomes vulnerable to cyber-attacks and electronic frauds. Fraud incidents in the country have doubled compared to a decade ago, reaching 140.000 a year. 24 Solutions can provide 100% compliance to companies and institutions they work with. Professional security solutions keep you safe at all times.
24 Solutions Turkey Country Director Emrah Elmas pointed out that Turkey ranked first in the European league with the number of cards reaching 176 million with a growth rate of 3 percent. The share of card payments for household expenditures has increased from 28% to 40% during the last 5-6 years. In the past year, while the amount of payment from the Internet increased by 23% and reached 68.4 billion TL, 51% of this was from mobile shopping and two out of five credit cards were used for Internet payments. The table showed that e-commerce and parallel digital transformation in Turkey is accelerating by the day. Turkey is the second fastest growing country when it comes to e-commerce worldwide after India.
E-commerce growth in Turkey increases the need for security
Research and e-commerce statistics of countries with a growth potential in recent years show that many changes have been made in Turkey in particular. Emrah Elmas pointed out that in Turkey there are approximately 46 million Internet users and over 306 million online shopping transactions were made in 2016. The e-commerce market in Turkey is valued at TL 24.7 billion. There is an increased use of the Internet and the rate of online shopping. But, the most preferred payment system is credit cards. The increasing occurrences of digital fraud and online credit card transactions, as well as the increased fraud rates in Sweden, requires e-commerce companies, banks and FinTech to use the most up-to-date and effective security solutions. Consumers need to have confidence in that using credit and debit cards in everyday life and shopping on the Internet is secure. 24 Solutions and all companies and institutions that provide security under PCI-DSS standards will always be at the forefront payment security.