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K-Net Payment Gateway: Kuwait’s Leading Online Transaction Service

K-Net Payment Gateway: Kuwait’s Leading Online Transaction Service
Mohab Partners & Partnerships 0

K-Net Payment Gateway: Kuwait’s Leading Online Transaction Service

Are you a merchant in Kuwait looking for a secure and efficient payment gateway to accept online payments? The solution is K-Net payment system, suitable for online retail businesses, operating in Kuwait. It is also the most popular gateway, with 71% people using K-Net as the APM. This payment system has also opened up a wide world of opportunities for online merchants, as you can now trade with more potential customers and get paid easily. Read on to learn more about K-Net electronic payment solution.

What is K-Net Payment Gateway?

The Shared Electronic Banking Services Company, better known as K-Net, came into existence in 1992. The company is jointly owned by 11 of Kuwait’s national banks. It began its operations in 1994 when The Kuwaiti Network – financial switch of Kuwait – was formed to facilitate hassle-free transactions.

K-Net payment gateway was introduced in 2004 as an online payment solution for private and public institutions. The payment gateway allows merchants to collect payments in exchange for trading products and services. The transactions happen over the internet in real-time. Currently, K-Net payment gateway processes only debit card payments.

How Does the K-Net Payment Gateway Function?

K-Net is a joint venture of the national banks of Kuwait. Apart from this, K-Net is associated with member banks that provide K-Net payment gateway services to their customers. As of now, K-Net accepts local debit cards issued by the member banks. To become a member bank, a bank has to undergo the certification process. Once the process is complete, a member bank has the rights to process payments initiated via K-Net payment gateway.

The payment gateway is developed for collecting online payments by using debit cards. The process is initiated and accomplished in a secure environment, maintained using Security Socket Layer (SSL) protocol. The payment solution integrates with the websites developed using web technologies like ASP, PHP, ASP.Net, and others.

What about the Security Aspects of K-Net Payment Gateway?

The transactions happening over K-Net payment gateway are secured with SSL protocol. The encrypted mechanism prevents any data breach and foils any hacking attempts. Moreover, in 2017, K-Net signed a deal with Gemalto, a global pioneer in digital security.

Gemalto is responsible for authenticating debit card transactions by generating and sending SMS one-time passwords (OTPs) to the users. This prevents any fraudulent attempts during the transaction process.

How to Apply for and Integrate K-Net Payment Gateway?

If you want to install K-Net payment gateway on your website, you need to fulfill the following criteria:

  • Obtain a business license to operate online retailing of products and services
  • Open a business account with a member bank
  • Secure your website with an SSL certificate
  • Sign a contract with the member bank to get a nomination
  • After getting the nomination, K-Net will provide plugins and necessary documentation for installing the payment gateway

You should note that transaction charges may vary from bank to bank. Further, K-Net payment gateway is solely meant for online debit card transactions. For credit card transactions, you should consult the bank.

Install K-Net Payment Gateway Now

For a retail business owner planning to venture into e-commerce or online trading of services, installing K-Net payment gateway is the most feasible option, as it ensures seamless, secure, and low-cost transactions. You will be able to attract more customers who are tech-savvy and use their mobiles for online shopping, as well.

7 years ago
How mobile technology is shaping the e-commerce industry?
Mohab Ecommerce 0

How mobile technology is shaping the e-commerce industry?

In today’s world, both online retail and offline retail sales are crucial for retailers. Often, these two are closely intertwined, one driving another and vice-versa. But there is one phenomenon that is influencing both these retail methods – mobile technology. Here we will emphasize the influence of mobile technology in the e-commerce industry.

The statistics reveal that almost half of the global internet traffic, 52.4% in the third quarter of 2018, is generated from mobile devices. You can boost e-commerce sales if you implement m-commerce strategies or adopt mobile technology to drive e-commerce sales.

Check out the following mobile technology trends that can be fruitful for your e-commerce business.

The surge in smartphone and internet penetration

There were 1.57 billion smartphone users in 2014, and the number is expected to reach 2.87 billion by 2020. In addition to this, the internet penetration rate stood at 53% in 2018 as the number of internet users rose to 4.021 billion, a 7% year-on-year rise. These statistics depict the importance of smartphones usage. Therefore, it becomes obligatory for every business entity to establish its presence on mobile. This is applicable to e-commerce businesses as well.

Ask your developer to create a responsive website that adapts comfortably according to the screen size of the device. Moreover, you can also consider investing in a mobile shopping app, if budget allows. The ultimate aim is to streamline e-commerce business for mobile users. This will ensure that buyers can access your online retail store anytime and anywhere.

Mobile payments

With the evolution of mobile technology, secure payment online systems have been developed, exclusively meant for mobile phones. There are numerous payment options for users, such as credit or debit card payments, net banking, mobile wallets, UPI payments, EMI payments, and so on. The mobile wallets and UPI payments specifically target mobile users and enable them to complete a payment in a couple of steps. These are secure payment processors that ensure end-to-end encryption, preventing any chances of fraudulent activities.

Customer engagement

When you emphasize m-commerce, you get an opportunity to target a custom audience, showcasing customized content. Based on the preferences of the buyers, and their browsing history, you can deliver custom content and notifications. Similarly, you can easily determine the peak hours when mobile users are online. Send a push notification during this time period, as there is a high probability that a user will check it out.

Ensuring an interactive user interface is the key to boost mobile sales. For example, uploading high definition visuals like 360-degree photos, videos, etc. enchants onlookers. You can also opt for augmented reality wherein, users can actually analyze products in a real-world scenario.  Another way is to enable live chat feature on the app or mobile website. The users prefer conversing on a mobile phone as this is the most convenient mode of communication.

Social media integration

On an average, a user spends 116 minutes per day on social media, and 61% social media usage is on a smartphone. Since social media allow users to browse and shop products without leaving their social media account, you can harness this opportunity to drive e-commerce sales. For example, Facebook shop, Instagram shop, and Pinterest’s buyable pins are examples of social media commerce. After browsing products and services, users click on “Buy or Shop” icon, the link redirects them to the payment gateway page, resulting in the order confirmation.

Conclusion

This is the right moment for adopting and implementing mobile technology in your e-commerce business. If you delay it further, your competitors might gain an edge over you by driving sales via mobile purchases. Make yourself future ready by targeting the right audience with the right set of strategies.

7 years ago
5 ways to optimize your m-commerce business
Mohab Growth Hacks 0

5 ways to optimize your m-commerce business

E-commerce is revolutionizing the shopping experience of the buyers. People are more comfortable shopping online rather than stepping out of their comfort zone. The widespread smartphone penetration has further propelled the growth of e-commerce, particularly mobile e-commerce. By 2021, mobile commerce sales will constitute 54% of the total e-commerce sales.

If you are planning to tap prospective customers who prefer mobile shopping, you must focus on delivering a seamless mobile retail experience. And if you are wondering how to optimize online retail business for mobile users, the following tips will be beneficial for you.

Get hold of a responsive design

A responsive e-commerce website is one that comfortably adapts according to the screen size of the device. When it comes to mobile shopping, the screen size matters a lot. The condensed layout of the website must accommodate all the information in a well-defined manner. For example, the payment gateway page should adjust accordingly, without ruining the user experience.

Focusing on visuals rather than text is a smart way to connect with the buyers. This will ensure a minimal layout, and at the same time, you do not have to compromise on the user experience. Developing a shopping app is also feasible, but it will cost a fortune. Moreover, according to BI Intelligence’s Mobile Checkout Report, mobile shopping websites are popular among shoppers. Therefore, optimizing e-commerce website for mobile users should be your priority.

Facilitate social media shopping

If you do not find, shoppers browsing your mobile shopping store, you will find them hanging out on social media. And since you can integrate your online store and social media accounts, you can enable social media shopping. For example, Facebook, Instagram, and Pinterest allow you to promote and sell your products and services on social media. The visitors click on the Shop or Buyable Pins icon, and they are redirected to the secure payment processor. This is an excellent way to drive more sales because social media shopping reduces the number of steps involved during shopping.

Provide an intuitive user interface

If you deliver a seamless user experience to mobile users, you will witness higher conversion rates. Optimizing user interface is the best way to ensure maximum engagement. As the screen size gets smaller, it is better to focus on visuals rather than text information. Opt for photos, 360-degree images, videos, and so on. To increase click-through-rate, add a hovering “Buy Now” button. Keep the checkout process simple enough to avoid any confusion. Develop urgency in buyers by displaying product count, placing a countdown for a limited-time sale, and highlighting slashed down product prices.

Develop a relationship with customers

Once you acquire customers, you have to double your efforts to retain them. Let them create a profile on your e-commerce site, invite friends, share their collection with other users, upload photographs, and so on. Since users spend most of their time on smartphones, consider optimizing profile section for mobile screens. Allow customers to log in with their social media accounts, eliminating the need to create a personalized account.

Ask customers to opt for mobile notifications so that you can send them instant notifications related to product deals. Communicating with your customers via an email outreach program ensures higher engagement and conversions.

Make the mobile checkout process smooth and attractive

The cart abandonment rate is approximately 85.65% for mobile shopping carts. This highlights the need for optimizing checkout procedure for m-commerce. Aim at reducing the checkout steps to increase the conversion rate. If the customer abandons cart at the last moment, send a personalized offer such as a discount or cashback. In addition to credit and debit card transactions, online payment platforms should provide options like net banking, wallet payments, UPI payments, gift vouchers, and so on.

The bottom line

M-commerce can drastically increase your customer base if you optimize your business for mobile users. As smartphone penetration and internet accessibility increase exponentially, people are opting for convenient shopping means. Adhere to the aforementioned tips to render a hassle-free mobile retail experience for the shoppers.

7 years ago
How Digital Payments Can Ensure Online Business Success
Mohab Ecommerce 0

How Digital Payments Can Ensure Online Business Success

The modern business ecosystem today, is fast changing and as a business owner, you must adapt to survive these changes. One of the most phenomenal change, is the influence of the online market. If your business is not leveraging the growing internet market, you are missing out big time. Now, to survive in the highly competitive online market, you must provide a seamless shopping experience. One way of doing this is implementing a system which allows you to take payments online. A digital payment option helps unlock your business potential in various ways.

This article highlights how an efficient digital payment system, can ensure the success of your online business. Keep reading to know more.

  1. Providing a Fast and Convenient Payment Method

Online shoppers are infamous for their short attention span and their want for instant gratification. What this means, is that you must provide what they need, there and then. After a shopper adds items to their cart, the last thing you want is hitches in the payment process.

While most e-commerce websites promise easy payment, this does not reflect on the choice of payment options they offer. With digital payments, you can now provide a seamless shopping experience which in turn, leads to customer loyalty, fewer abandoned carts, increased sales conversion, and better ROI.

  1. Expanded Customer Base

Most e-commerce websites started out with only credit and debit card, as payment options. But things have now changed and if you do not adapt, you risk of being swept aside in this volatile market landscape. Digital payments allow more customers to complete the purchase journey on your online store.

You have an opportunity to expand your customer base which is the dream of every entrepreneur. By offering multiple payment options, you improve the shopping experience leading to increased sales, high ROI, customer loyalty, and brand recognition.

  1. Serve Various Geographical Markets

The best digital payment systems provide multi-site and multi-currency capabilities. It is now possible to target different geographical markets without the complexities of currency conversion. The idea of a global village has come to pass, and you should implement the best payment system to ensure you leverage this internationalization of commerce.

  1. Minimize or Eliminate Fraud

One of the greatest concerns in the online market ecosystem is safety when making payments. Shoppers must provide sensitive data, to complete payment and when such data falls in the wrong hands, many things can go wrong. This is where digital payments come in handy. The best payment gateway process entails performing card related encryption, authentication, and verification. Through such foolproof security measures, identity theft and fraud can be prevented.

If you have not integrated a digital payment system in your e-commerce store, you need to consider the risks for your business and your customers. Now that online shoppers appreciate the risk of online payments, they only use stores which guarantee the safest shopping experience. It is time to explore available payment gateways and purchase the best for your online store, to provide a safe and seamless shopping experience to the customer.

  1. Increase Profitability

One of the main objectives for every business owner, is to make a profit. In the e-commerce landscape, the stiff competition can reduce profitability and you must think outside the box to maintain the flow of the customers. This is where a digital payment solution comes in handy.

If you can accept multiple credit cards, mobile money, and other digital payment options, you will make customers happy which in turn leads to increased sales and profitability.  Potential customers will find it easy to complete orders which will, in turn, improve your brand’s reputation.

  1. Excellent Customer Satisfaction Levels

One of the major points of concern for online shoppers is the lack of a flexible payment option. It is a major reason many businesses rank poorly in terms of customer satisfaction levels. To overcome this challenge, you need to adopt digital payments.

It is an easy way of keeping your customers happy which leads to high customer ratings. Now that most shoppers look for business rating before making a purchase, you need to implement a seamless shopping experience by allowing flexible digital payments.

There is no gainsaying, the importance of an efficient payment gateway solution allows for seamless digital payments. It is an effective technique to keep your customers happy, increase your customer base, enhance safety security, cut the cost of accepting payments, and increase ROI.

7 years ago