Financial institution Abu Dhabi Islamic Bank (ADIB) announced the introduction of the first tokenized, contactless payment solutions in the region, including the clasp and ring options “ADIB PAY,” in collaboration with token enablement service provider Tappy Technologies and industry pioneer Visa.
Without needing to carry a real plastic card, ADIB Visa users can now perform contactless payments using their preferred ring, bracelet, or watch. The new tokenized contactless payment clasp from ADIB can be linked to a variety of wrist wearables, turning them right away into smart payment devices like rings and watches. Selected consumers will be the first to get access to ADIB PAY.
“As we continue to expand our digital capabilities, ADIB continues to bring out cutting-edge digital payment services”, according to Samih Awadhalla, acting global head of retail banking at Abu Dhabi Islamic Bank. “With our partners Tappy Technologies and Visa, we are happy to introduce the first tokenized, contactless payment device in the region. ADIB PAY serves as a testament to our dedication to providing simplicity and convenience to our clients. The bank has reached a big milestone, but we won’t stop there. Customers can anticipate more simple and convenient banking solutions.”
The ADIB PAY setup procedure is easy and fast. The accompanying ADIB PAY application, which is powered by Tappy’s Token Enablement Services (TES) service, first tokenizes the customer’s ADIB Visa card.
Second, the digital card is automatically provisioned to the chip inside the payment clasp using the companion Universal Passive Provisioning Unit (UPPU), which links to ADIB PAY via Bluetooth. After setup is finished, the user is able to access their ADIB PAY transaction records in the application right away and make quick and simple transactions with the touch of their wristwatch.
Tokenization is a data security procedure that replaces genuine, sensitive card information with non-sensitive data pieces that cannot be misused even if the ADIB Pay wearable is lost, assisting ADIB in its ongoing efforts to offer secure and convenient payment solutions to its consumers.
Tappy Technologies CEO Wayne Leung stated, “We are thrilled to join with ADIB to reimagine the consumer wearable payment experience that is simple, quick, and ultra secure while complying to the best contactless standards in the world. As a Visa-approved technology partner, Tappy uses network token service to protect customers’ private payment information on wearables. Consumers may instantly digitise their payment cards and convert their conventional watch into a contactless payment accessory using the Tappy-developed UPPU technology without ever having to recharge it.
“Innovation is in Visa’s DNA and with the rapid acceleration of digitization, it has become more crucial than ever to bring new technologies that safely integrate payments into people’s everyday lives,” said Salima Gutieva, Vice President & Country Manager for the UAE at Visa. “The market for wearable technology is expanding quickly, especially as younger, more tech-savvy generations seek more and more convenient cashless transactions. In an era when contactless payments are crucial, ADIB can satisfy their consumers’ needs for ease and security by integrating Tappy’s technology with our highly secure tokenization technology. Offering distinctive products that genuinely improve the user experience can help us achieve digital transformation, as demonstrated by the introduction of the first tokenized contactless payment clasp.”