FAB launches 'pay by sound' for customers
First Abu Dhabi Bank adds sound-based payments to its payit digital wallet
First Abu Dhabi Bank (FAB) has introduced a new ‘pay by sound' solution to its ‘payit' digital wallet.
The sound-based payment system is the first of its kind in the region, according to FAB, and is intended to provide a convenient and secure way to pay.
FAB partnered with Tonetag and Marshal to launch this service in the UAE.
The contactless, near-proximity payment system uses data converted into encrypted sounds, which can be picked up on a mobile device equipped with payit.
Sound-based payments can be made through electronic cash registers, point of sales (POS) machines, POD devices or even the mobile phones of merchants. The customer just needs to have their mobile ‘listen' to sound to authenticate the payment.
Hana Al Rostamani, Group Head of the Personal Banking Group, said: "FAB is committed to bringing innovative solutions to its customers to enable them to grow stronger. The sound-based payment technology on payit was developed in collaboration with our fintech partners. The move, yet again, demonstrates that we are open to working with the right fintech companies to provide value to our clients. The payments industry is going through an enormous evolution and at FAB we aim to be at the forefront in driving innovation".
Ramana Kumar, Head of Payments, said: "Payit is a lifecycle solution for all our customers' needs and is an easy, secure and convenient alternative to cash. After successfully rolling out the UAE's first QR-based payment system in March, we focused on launching a game-changing UAE-wide solution that is built around communication between smart devices. We look forward to expanding payit's acceptance across all merchants in the UAE. Our objective is to enable UAE-wide usage of payit utilising existing infrastructure and delivering a safe, secure and forward-looking payment experience"
FAB is launching its new sound payment solution during GITEX Shopper; which is taking place from October 2-6, 2018, and customers can utilise this service for their purchases during the event.