26 C
Dubai
Saturday, December 28, 2024
spot_img

Abu Dhabi Bank launches tokenized payments system using wearables

[ad_1]

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:



[ad_2]

Source link

Related Articles

Richa Bansal on Ecobee’s Mission to Drive Sustainability in the UAE

What Inspired You to Found Ecobee and Focus on Eco-Friendly Solutions? Ecobee was born from a personal journey rooted in a love for nature and...

Navigating Turbulence to Transformation Nowsheen’s Inspiring Journey of Leadership and Empowerment

What has been one of the most transformative experiences in your multifaceted career, spanning from aviation to education and corporate training, and how has...

Aspire Education Academy Celebrates Academic Excellence at its Prestigious Convocation Ceremony

The Aspire Education Academy Convocation Ceremony marked a significant milestone in the institution's journey, bringing together a distinguished assembly of guests, graduates, and faculty...

From Freelance Dreams to SEO Success How Two Young Entrepreneurs, Led by Saumitra Dixit, Built a $2M Business

Success stories often emerge from humble beginnings, and Saumitra Dixit’s journey from a school student earning $200 a month to the founder of a...

Empowering Lives Through Language The Inspirational Journey of Rakhi Kumaran and Book It! English Speaking Classes

In a world where effective communication is key to success, Rakhi Kumaran is making a remarkable difference. As the founder of Book It! English...

Latest Articles