With innovation at its peak, more companies and even countries are beginning to catch up with the rapid evolution of technology. On today’s news, Abu Dhabi Islamic Bank (Adib), a leading financial institution, launched the country’s first tokenized, contactless payment methods via the options of clasp and ring ‘Adib Pay’.
This payment method is launched in partnership with Tappy Technologies, a token enablement service provider and global digital payments leader, Visa.
“Adib continues to roll out innovative digital payment services as we further develop our digital capabilities,’’ said Samih Awadhalla, Acting Global Head of Retail Banking at Adib. Adding, “We are proud to launch the region’s first tokenized, contactless payment clasp with our partners Tappy Technologies and Visa. This is a significant milestone for the bank, and we won’t stop there.”
Tokenization is the data security process of replacing the use of physical or actual, sensitive card information with non-sensitive data elements that cannot be exploited.
Details About The Newly Launched Adib Pay Payment Method
Adib pay is provided to Adib Visa cardholders as Visa is the payment solution the product currently supports and also to selected customers. Cardholders of the Adib Visa are said to now be able to make contactless payments using their favored watch, or wearables such as a ring, or bracelet, without having to carry along an actual physical plastic card.
The Adib pay clasp can be used on several wrist wearables by attaching it to the wearable, immediately turning the wearable into a smart payment device. As part of the setting up process, the customer’s Adib Visa card is tokenized through the supported Adib Pay application powered by Tappy’s Token Enablement Services (TES) solution.
After successful completion of using the companion Universal Passive Provisioning Unit (UPPU) that connects to Adib Pay via Bluetooth, the digital card is automatically provided to the chip embedded within the payment clasp, making it ready for the customer to make payments fast and easy as well as also to instantly view their Adib Pay transaction history in the application all with a tap on their wrist watch.
Salima Gutieva, Vice President & Country Manager for UAE at Visa, noted, “Wearable tech is a fast-growing segment, especially as the young and digitally savvy generations increasingly demand a seamless cashless payment experience.”
According to Gutieva, with a product like this and the combination of Tappy’s technology and Visa tokenization technology, Adib can meet their customers’ need for security and convenience at a time when contactless payments are very vital.
Speaking of Abu Dhabi, on Tuesday, the AI office and Chainalysis collaborated to create an organized training program for Abu Dhabi Commercial Bank’s (ADCB) employees and directors at the Coders HQ, integral to the National Programme for Coders initiatives.