Dubai Islamic Bank (DIB) has rolled out the Visa payWave cards to help customers conduct transactions quickly and easily.
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The cards, equipped with the Visa payWave contactless chip technology, use a secure application to approve low value transactions and phasing out the need for PIN numbers and signatures for purchases less than AED300 ($81.7).
The cards incorporate a tiny microchip that sends payment information to a contactless card reader through short-range radio frequency waves.
The process ensures security as the payment information sent does not include the cardholder’s name and instead comprises an encrypted security code unique to each transaction.
Moreover, the Visa payWave-enabled cards only work when the card is within 4cm of the card reader and the payWave terminal can only process one transaction at a time.
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By GlobalDataFor high-value purchases above AED300 ($81.7), customers need to wave the card and enter the PIN number at the POS terminal.
Visa payWave can be enabled on credit as well as debit cards, and also on a mobile phone.
DIB chief of consumer banking Sanjay Malhotra said: "This new facility showcases how merchants, cardholders and financial institutions are increasingly migrating towards a ‘cashless’ society’.
"We have partnered with Visa to ensure that enrolling in the service is simple, in addition to allowing customers with existing cards to still benefit from this service upon requesting replacements.
"At DIB, we continuously strive to cater to customers’ growing needs and preferences for digital-enabled solutions. Our ongoing partnership with Visa also highlights our sincere dedication to ensuring excellence in customer service and putting cutting-edge technology at our customers’ fingertips."
