UAE’s largest bank and retailer launch biometric payment card from Idemia and Idex
The UAE’s largest bank, First Abu Dhabi Bank (FAB), and largest retailer Majid Al Futtaim (MAF) have partnered on what will be the first contactless biometric payment card launched in the region, according to an announcement from Idemia. The card is fully compliant with EMV payment standards, and is expected to drive down fraud rates by ensuring only the authorized card-holder can use it.
“Innovations in biometric authentication represent a significant step forward in card security and protecting consumers from fraud, particularly as more people move to cashless payments for everyday purchases,” says Rudy Sudarsono, SVP and head of Products, Cards at First Abu Dhabi Bank. “By incorporating advanced fingerprint technology into the FAB SHARE cards, we are able to provide added confidence and safety for our customers, allowing them to enjoy the enhanced benefits of their store card with absolute peace of mind.”
An announcement from Idex specifies that it is the first volume launch of biometric payment cards in the Middle East. The company also says it confirms the commercial acceleration of the technology this year, ahead of market inflection in 2023.
“Idex Biometrics groundbreaking sensor solution is bringing seamless payment experiences to more consumers,” says Vince Graziani, CEO of Idex Biometrics. “The biometric payment card powered by IDEX Biometrics is certified by Visa and Mastercard and will work flawlessly with any payment terminal. We are pleased to bring our innovative technology to customers and, together with IDEMIA, support banks in the Middle East as they accelerate market deployment of smarter and more secure card payments.”
Consumers in the Emirates have been enthusiastic in their support for biometric payment cards, with 4 out of 5 suggesting they would switch card providers to use the technology way back in 2018.