Abu Dhabi Islamic Bank (ADIB) has launched ADIB PAY, a tokenised, contactless payment method designed to transform any watch, ring or bracelet.
ADIB has partnered with wearable contactless payments technology provider Tappy Technologies and Visa to provide the product, initially to select customers.
It involves a tokenised contactless payment clasp that can be attached to any wearable.
To set up, a customer’s ADIB Visa card must be tokenised via the ADIB PAY app. This is then connected to the chip within the payment clasp.
The ‘tokenisation’ is key, because the process protects vulnerable data by replacing it with a temporary value generated as a series of numbers, called a ‘token’.
Samih Awadhalla, acting global head of retail banking at ADIB, said: “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.”
Wayne Leung, chief executive officer of Tappy Technologies, added: “With the Tappy developed UPPU (Universal Passive Provisioning Unit) 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.”
The UAE is aiming to keep up with the increasing demand for contactless payments. A recent survey found that 45% of consumers in the jurisdiction said they are more likely to use the payment method in the future.
Salima Gutieva, vice president and country manager for UAE at Visa, commented: “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.”