[ad_1]
Abu Dhabi Islamic Bank (Adib), a leading financial institution, has launched the region’s first tokenized, contactless payment method, the ‘Adib Pay’ via buckle option. This was done in partnership with token enablement service provider Tappy Technologies and global digital payments leader Visa.
Adib Visa cardholders can now use their favorite watch, ring or bracelet to make contactless payments without having to carry a physical plastic card. Adib’s new tokenized contactless payment fob can be attached to a variety of wrist wearables, instantly turning a wearable, ring or watch into a smart payment device. Adib Pay will initially be available to select customers.
Samih Awadhalla, Acting Global Head of Retail Banking at Adib, said: “As we further develop our digital capabilities, Adib will continue to introduce innovative digital payment services. We are proud to launch the region’s first tokenized ’s contactless payment deduction. Adib Pay embodies our commitment to providing simplicity and convenience to our customers. This is a major milestone for the bank and we won’t stop there. Customers can look forward to more solutions to help them easily Banking simply.”
setup process
The setup process for Adib Pay is quick and easy. First, a customer’s Adib Visa card is tokenized through an Adib Pay-enabled application powered by Tappy’s Token Enablement Service (TES) solution. Second, using a companion Universal Passive Provisioning Unit (UPPU) connected to Adib Pay via Bluetooth, the digital card is automatically provisioned to a chip embedded in the payment fob. Once configured, customers can quickly and easily make payments with the tap of their watch and be able to instantly view their Adib Pay transaction history in the app.
Tokenization is a data security process that replaces actual sensitive card information with non-sensitive data elements that cannot be exploited even if the Adib Pay wearable is lost, thereby supporting Adib’s relentless efforts to provide customers with secure and smart payment options.
Wayne Leung, CEO of Tappy Technologies, said: “We are proud to partner with Adib to redefine the consumer wearable payment experience, which is convenient, effortless and extremely secure, meeting the highest contactless standards in the world. As Visa’s Certified technology partner, Tappy has expanded the functionality of its network token service to protect customers’ sensitive payment credentials on wearable devices.With UPPU technology developed by Tappy, consumers can digitize their payment cards in seconds and Turn their traditional watch into a contactless payment accessory without charging it.”
A safer payment method
During the pandemic, hygiene has driven consumers around the world to look for safer payment methods, with contactless payments becoming a popular option. According to a survey published in 2021 by Visa, Dubai Police and Dubai Economy, there is no sign of this trend reversing – with 45% of surveyed UAE consumers saying they are more likely to use contactless payments in the future.
Salima Gutieva, Visa Vice President and UAE Country Manager, commented: “Innovation is in Visa’s DNA and with digitization rapidly accelerating, it is more important than ever to introduce new technologies to securely integrate payments into people’s daily lives .” Tech is a fast-growing segment, especially as digitally-savvy younger generations increasingly demand a seamless cashless payment experience.
“By combining Tappy’s technology with our highly secure tokenization technology, Adib can meet customers’ needs for security and convenience at a time when contactless payments are very important. The first tokenized contactless payment The launch of the buckle is a great example of how we are driving digital transformation by delivering unique offerings that truly transform the customer experience.” — trade arab news agency
[ad_2]
Source link