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Abu Dhabi Islamic Bank has launched a tokenized contactless payment system.
this”Alipay“The system is a partnership with credit card giant Visa and China’s Tappy Technologies. ADIB Pay is a physical clasp that attaches to a wearable item, eliminating the need to carry a physical card. That means, for example, any Either the watch or bracelet could eventually function like a smartwatch with payment capabilities, and ADIB Visa cardholders will be able to use them to make contactless payments.
What does it mean: Tokenization is a system that protects sensitive information and is used to help prevent credit card fraud. Card numbers are stored digitally and then converted into algorithmically generated numbers called tokens.
Why it matters: Tokenized payments are becoming more and more popular around the world. Both Apple Pay and Google Pay use this technology.
Abu Dhabi Islamic Bank said it is the first financial institution in the Middle East to offer contactless and tokenized payment methods. Al-Monitor could not immediately locate other banks in the region that offered such a feature.
google wallet, This is a digital payment system Part of Google Paywith apple pay Both work in some parts of the Middle East. Apple Pay is available in Bahrain, Israel, Jordan, Kuwait, Palestinian Territories, Qatar, Saudi Arabia, and the United Arab Emirates. Google Wallet is available in Israel, Qatar, and the UAE.
learn more: The UAE is fast becoming a regional financial technology center. Especially the growth of cryptocurrencies in the UAE. The following notable fintech developments took place in the UAE this year:
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