ADIB-Egypt introduces innovative contactless payment device ‘Beat’
** CEO: Beat to use contactless technology that allows customers to quickly, easily, and securely pay for day-to-day expenses.
** New device expected to enhance consumer experience and comes as part of ADIB-Egypt’s larger strategy to place digital transformation at the core of their business.
Cairo: October 14, 2020: Abu Dhabi Islamic Bank-Egypt (ADIB-Egypt) launched a new and innovative wearable payment gadget ‘Beat’. The new device, which has been available to World Debit cardholders since September, is expected to revolutionize ADIB-Egypt consumer experience, providing an easy, fast, and secure option for contactless purchases.
Utilizing state-of-the art contactless technology, Beat is the latest in a portfolio of products recently introduced by the bank as part of its ongoing digital transformation strategy. The wristband is one of the many products that were introduced by the bank to enable customers to easily pay for their purchases by bringing their wristband into close proximity with the POS terminals, supporting new contactless payment options, which have been on the rise since the beginning of the Covid-19 pandemic.
“At ADIB-Egypt, we believe that smart payment solutions will start to have an increasingly important role in the banking sector. We are always looking into ways we can provide our customers with more efficient and personalized banking products and solutions, and the ADIB Beat, does just that. The launch of Beat is just one of many milestones in our digital transformation strategy and we look forward to delivering even more digital banking products over the next year,” said Mohamed Aly, ADIB-Egypt CEO and MD.
Durable and functional tech accessories have become increasingly fashionable in recent years and “Beat” is no exception. Carefully designed to provide a comfortable lightweight fit for the arm, the unisex waterproof wristband, is suitable for a wide range of audiences.
“The Beat also offers us an opportunity to build on the Central Bank of Egypt’s goal of moving towards contactless payment solutions, that can support social distancing and also provide a more streamlined customer experience. We have worked extensively, to bolster our electronic payment solution options and channels that will allow us to transition into more of digital economy, where financial inclusion becomes more possible. This approach will enable customers to access a larger range of technological solutions that enhance performance and market competitiveness,” Aly, added.
In 2019, the Egyptian government brought in new legislation for digital payments, requiring the majority of government payments be completed online. Since then, we have seen phenomenal growth in this sector, accelerated by the new need for social distancing and contactless approaches, in the wake of the pandemic. “Consumer demand for cashless and digital payments has increased exponentially in the last 6 months,” Aly noted, adding that it was one of the key deciding factors for ADIB-Egypt when committing to invest more into this area.
Customers can use “Beat” for contactless payments, balance inquiries (in Egypt and abroad), for both cash withdrawals (through ATMs that support contactless technology), and online transactions. The wristbands are available in all bank branches nationwide.