The Abu Dhabi Islamic Bank-Egypt (ADIB-Egypt) launched a new and innovative wearable payment gadget called “Beat”. The new device, which has been available to World Debit cardholders since September 2020, is expected to revolutionise the ADIB-Egypt consumer experience, providing an easy, fast, and secure option for contactless purchases.
Utilising 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 many products the bank has introduced to enable customers to easily pay for their purchases. They can do so by bringing their wristband into close proximity with POS terminals that support new contactless payment options, which have been on the rise since the beginning of the novel coronavirus (COVID-19) pandemic.
Mohamed Aly, ADIB-Egypt CEO and Managing Director, said, “At ADIB-Egypt, we believe that smart payment solutions will start to have an increasingly important role in the banking sector.”
He added, “We are always looking into ways we can provide our customers with more efficient and personalised banking products and solutions, and the ADIB Beat does just that.
Aly noted that the launch of Beat is just one of many milestones in the bank’s digital transformation strategy, with the bank looking forward to delivering even more digital banking products over the next year.
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.
”Beat also offers us an opportunity to build on the Central Bank of Egypt’s (CBE) goal of moving towards contactless payment solutions, that can support social distancing and also provide a more streamlined customer experience,” Aly said. “We have worked extensively to bolster our electronic payment solution options and channels that will allow us to transition into a digital economy, where financial inclusion becomes more possible.”
He also said that this approach will enable customers to access a larger range of technological solutions that enhance performance and market competitiveness.
In 2019, the Egyptian government brought in new legislation for digital payment methods, requiring the majority of government payments be completed online.
Since then, the sector has witnessed a phenomenal growth, 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 six months,” Aly said.
He added 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 both in Egypt and abroad, and undertake both cash withdrawals through ATMs that support contactless technology and online transactions. Beat devices are available in all bank branches nationwide.