Abu Dhabi, 29 December 2022: Abu Dhabi Islamic Bank (ADIB), a leading financial institution, announced today the launch of the region’s first tokenised, contactless payment methods through the options of clasp and ring ‘ADIB PAY’, in partnership with token enablement service provider Tappy Technologies and global digital payments leader, Visa.
ADIB Visa cardholders can now make contactless payments using their favourite watch, ring, or bracelet, without the need to carry a physical plastic card. The new tokenised contactless payment clasp from ADIB can be attached to a multitude of wrist wearables, instantly turning that wearable, ring, or watch into a smart payment device. ADIB PAY will be initially offered to select customers.
Samih Awadhalla, Acting Global Head of Retail Banking at ADIB, said: “ADIB continues to roll out innovative digital payment services as we further develop our digital capabilities. We are proud to launch the region’s first tokenised, contactless payment clasp with our partners Tappy Technologies and Visa. ADIB PAY demonstrates our commitment to offering simplicity and convenience to our customers. This is a significant milestone for the bank, and we won’t stop there. Customers can expect more solutions that will help them bank with ease and simplicity.”
The set-up process for ADIB PAY is simple and quick. First, the customer’s ADIB Visa card is tokenised via the supporting ADIB PAY application powered by Tappy’s Token Enablement Services (TES) solution. Second, using the companion Universal Passive Provisioning Unit (UPPU) that connects to ADIB PAY via Bluetooth, the digital card is automatically provisioned to the chip embedded within the payment clasp. Once provisioning is complete, the customer is ready to make quick and easy payments with the tap of their wrist watch and will be able to instantly view their ADIB PAY transaction history in the application.
Tokenisation is the data security process of replacing 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 consistent efforts in providing secure and smart payment options to their customers.
Wayne Leung, CEO of Tappy Technologies, said: “We are proud to partner with ADIB to redefine the consumer wearable payment experience that is convenient, effortless and hyper secured adhering to the highest contactless standards in the world. As a certified technology partner of Visa, Tappy extends the power of network token service to safeguard customer sensitive payment credentials on wearable devices. With the Tappy developed UPPU technology, consumers can digitise their payment cards within seconds and transform their traditional timepiece into a contactless payment accessory without ever needing to recharge it.”
During the pandemic, hygiene drove consumers across the world to look for safer ways to pay, with contactless payments emerging as a popular alternative. According to a survey published by Visa, Dubai Police and Dubai economy in 2021, there are no signs this trend will be reversed – 45% of consumers surveyed in the UAE said they are more likely to use contactless payments in the future.
Salima Gutieva, Vice President & Country Manager for UAE at Visa, commented: “Innovation is in Visa’s DNA and with the rapid acceleration of digitalization, it has become more important than ever to introduce new technologies that securely integrate payments into people’s everyday lives. Wearable tech is a fast-growing segment, especially as the young and digitally savvy generations increasingly demand a seamless cashless payment experience. By combining Tappy’s technology with our highly secure tokenization technology, ADIB can meet their customers’ need for security and convenience at a time when contactless payments are very important. The launch of the first tokenized contactless payment clasp is a great example of how we can drive digital transformation by offering unique products that truly transform the customer experience.”
——
Disclaimer: The content of the above information is sourced (or provided), in entirety or in parts from an external source and the content may or may not be edited. The Wealth Today shall not be held liable for damages arising out of any action taken with respect to the use or consumption of information or service published above or anywhere else on the website. This website does not guarantee the accuracy, views, opinions, or any promises expressed in the above news.
If you find any errors or discrepancies in the above information, you can write to us at editor@thewealth.today.
——
