A government-owned Islamic bank is joining the contactless wave sweeping across the UAE.
Al Hilal Bank has joined the likes of Dubai Islamic Bank in adopting contactless payments by launching Visa payWave-enabled premium debit cards. This comes amid a rise in digital wallets by Islamic banks in the GCC (See IFN Fintech August: ‘Pocketing profit: GCC banks pay attention to digital wallets’).
“In addition to reaping the extensive rewards from the Visa loyalty program, cardholders will be able to enjoy a seamless and hassle-free contactless payment experience, a trend that has gained recognition in the UAE over the past year owing to the rapid rise of digital wallets. We look forward to working with the bank on furthering such initiatives, experimenting with mobile proximity payment solutions and enabling customers with the latest in payment innovation,” said Selim Ibrahim Ergoz, the general manager of the UAE, Qatar and Pakistan at Visa, who added that increasing the adoption of contactless payments is a key focus for Visa in the UAE.