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People use them as a safety measure and future backup
KT Photo/Shihab
A senior official in the payment card manufacturing industry said physical bank cards and ID cards using microchip technology are still a long way from becoming obsolete. Physical bank cards, including debit, prepaid, and credit cards. In rare cases, an ID card can also be used as a payment method.
Michael Hraschan, Director of Product Management Payments at Toppan Gravity, said that despite the boom in mobile banking, digital payments and wearable technology in the UAE, physical cards will remain an important tool for paying for goods and services. Cali era.
he speaks on the sidelines Cali era DigiBank 2022 – Bank Transformation Forum.
Toppan Gravity is a global solutions provider primarily focused on the payments and identity industries. “For the foreseeable future, people will use physical cards as a security measure and as a backup in case they lose a device they use for banking purposes,” Hraschan said.
“People like to know the safety of knowing that they have a physical copy of their bank card with them, especially when traveling,” he said.
“In addition, we are working to optimize the card production and issuance process and have kiosks set up for suppliers to print cards on-site.”
Hrashcan also suggested that bank cards are a way of life or a status symbol in some cases. “For example, having a premium metal card from a certain bank is a status symbol for many people,” he said. In addition, Hraschan said, vendors can even customize cards for Gen Z users who live and breathe mobile technology. “They’re also ushering in the age of wearables,” he said.
Last year, Mastercard announced that from 2024, its credit and debit cards would no longer require magnetic stripes in most markets, and would be phased out entirely by 2033. It claims to be the first payment network to ditch the magnetic stripe. Mastercard says 86% of card transactions worldwide rely on chip technology.
Companies such as Toppan Gravity have also said they produce sustainable business and eco-friendly cards from their Sharjah production unit.
“Since supply and production are mostly local, we have a low carbon footprint. Also, we are trying to work with local companies who can collect old bank cards and ID cards on our behalf so we can recycle them,” Hraschan said.
Jamal Saleh, Director General of the Federation of UAE Banks, said that according to recent surveys, trust in the UAE’s banking system has risen from 63% to 87% in two years. “A big part of this is the digital transformation that has taken place in the UAE in the past two years since the pandemic,” Saleh said.
Digital Banking and Finance Excellence Awards
KT Photo/Shihab
DigiBank 2022’s keynote and panel discussions were followed by the Awards for Excellence in Digital Banking and Finance. Top banks, financial institutions and technology providers are honored for their contributions to the financial sector at this exciting event.
Ajman Bank was awarded Best Bank for Wealth Management, Policybazaar UAE was awarded Best Insurance Brand and Century Financial was awarded the title of Non-Bank Online Transaction Broker. Shaheen Akbari, executive director of Century Financial, said in an interview with Khaleej Times after receiving the top honor: “It is very gratifying that a brand like Khaleej Times can recognize our work.”
“We are optimistic about what is to come, especially in the UAE. There is room for digital banks and traditional banks to go hand in hand, and this may happen in the future. Digital banks have made great strides, especially in terms of how finance works and the end-user experience. Excellent. Many fintechs have come up with solutions, credit to many fintechs,” Akbari said.
Commenting on how the growing demand for cloud computing will affect the current banking IT infrastructure, Karthik Ananda Rao, Regional Technology Head, ManageEngine, a division of Zoho Corp, said: “The significant increase in demand for cloud computing has now led to edge computing. Data must be brought closer to consumers , to effectively and efficiently monitor your business success. Cloud adjacency is the next on-premises trend, with organizations leveraging cloud-hosted data centers.”
He added: “The banking industry relies heavily on such cloud computing solutions to improve services. The need for high-availability services is even more pronounced in the banking industry. Smart service presentation, automation, one-click service management, etc. rely heavily on Cloud computing solutions for banking. Financial institutions should choose the right service provider to manage their cloud infrastructure without compromising data security, integrity and compliance.”
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