Clients of Abu Dhabi Islamic Bank can make payments using a ring or a clasp. Source: Pixabay.com
The Islamic Bank of Abu Dhabi (ADIB) is implementing a technical solution for tokenized contactless payments. The financial institution has released a ring and a clasp with a built-in chip. With the help of these devices, the bank’s customers can use contactless payment services. The clasp with the chip can be attached by users to a watch or bracelet.
The new service is activated after the creation of a tokenized version ADIB Visa card using the bank’s mobile application. This version of the card is connected with a ring or a clasp using the preparation module. Contactless payment devices are connected to the mobile application via Bluetooth. After performing this algorithm of actions, the bank’s customers can make payments and view the transaction history with one touch.
The new service was developed by the bank together with Tappy Technologies and Visa. The partners have launched the region’s first tokenized contactless payment system.
In the UAE, during the coronavirus pandemic, there was a trend of increased attention to hygiene issues. Due to the danger of contracting Covid-19, locals have changed their habits. One of the results of this process was the popularity of contactless payment methods. In 2021, Visa conducted a survey on the attitude of UAE residents to the use of cash against the background of the pandemic. The results showed that 45% of respondents intend to use contactless payments in the future. There are no signs of a change in this trend.
As we have reported earlier, UnionPay enables contactless payments across the UAE.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
