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Facility makes it easier and more convenient to make payments on the go
Dubai, UAE: Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has announced the introduction of the Visa payWave cards. Customers can apply for replacement of their existing cards in order to benefit from this enhanced feature. Designed in line with the latest innovation in contactless payments, the Visa payWave technology allows customers to conduct transactions quickly and effortlessly with minimum time spent.
The DIB Visa payWave card uses a secure application to approve transactions of low value. This technology eliminates the need for PIN numbers and signatures for purchases below AED 300. This innovative technology reduces significantly the average customer queuing time and allows merchants to effectively serve more clients.
Using the Visa payWave-enabled cards, customers can simply wave the card against the POS terminal or tap-and-go. Visa payWave ensures enhanced customer experience and faster turnaround by removing the need for the customer to handover the card.
Each DIB Visa payWave-enabled card contains a tiny microchip that sends payment information to a contactless card reader via short-range radio frequency waves. The information does not contain the cardholder's name and includes an encrypted security code that is unique to each transaction.
Visa payWave is a fast and convenient way to pay for every day purchases. It is a secure, contactless chip technology designed to help customers spend less time at the cash register and give them the freedom to do the things that matter most to them.
Visa payWave can be found on both credit and debit cards, and can also be enabled on a mobile phone. Featuring a distinctive contactless mark and the Visa payWave logo, the cards have a tiny antenna embedded into the card or phone, which securely transmits payment information to and from the contactless reader.
The Visa payWave cards carry multiple layers of security because they only work when the card is within 4 cm of the card reader and the payWave terminal can only process one transaction at a time. To ensure greater peace of mind, customers will have to wave the card and enter the PIN number at the POS terminal for high-value purchases, above AED 300.
Speaking about the new service, Sanjay Malhotra, Chief of Consumer Banking, DIB, added: "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."
Amresh Nandkeolyar, Head of Cards, DIB, said: "Being a progressive institution, we will continue to embrace the latest technological advancements not only to drive our growth agenda in the Islamic banking sector but also to provide our customers with a fast, secure, reliable and convenient banking experience. Given the increased demand for easy payments methods, we have collaborated with Visa to provide DIB cardholders with access to this technology. Building on our 'Smart Bank' initiative, the Visa payWave service is yet another milestone and it reinforces our endeavour to increase the attractiveness and penetration of Islamic banking amongst the current and future generations of customers."
"The payments landscape is undergoing a transformation as contactless payment methods are being embraced more readily by partners, merchants, and consumers alike," said Marcello Baricordi, General Manager UAE and Global Accounts Lead Visa Inc., MENA. "New solutions such as Visa payWave are meant to make transactions more reliable, secure, and convenient, while also serving as building blocks for creating payment systems of the future. DIB's initiative to migrate to the new payWave-enabled cards shows their commitment to innovation and customer service."
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About Dubai Islamic Bank:
Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices and is the largest Islamic bank in the UAE. DIB is a public joint stock company, and its shares are listed on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. The bank currently operates 90 branches in the UAE.
DIB has been proactive in creating partnerships and alliances at both the local and international level. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which has a network of more than 175 branches across 56 major cities in Pakistan. DIB has also started operations in Jordan, with the establishment of Jordan Dubai Islamic Bank, and in 2015, it received regulatory approval to increase its shareholding in PT Bank Panin Syariah in Indonesia to 40 percent.
Alongside its accomplishments as a commercial organisation, DIB has always recognised its wider role in society. The bank supports the communities in which it operates through the DIB Foundation, a non-profit social, humanitarian and charitable organisation which distributes millions of dirhams to good causes at home and abroad each year.
For its contribution to both the banking industry and the wider community, DIB has earned the respect of its peers around the world. The bank's leading position has been reaffirmed by more than 165 local, regional and international accolades that it has won since 2004. DIB has won awards across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services. Dubai Islamic Bank has been also declared the winner of the "Best Islamic Bank, UAE - 2014" by World Finance - Islamic Finance Awards 2014. DIB's notable recognitions recently included being named the "Best Regional Commercial Bank - Middle East" at the Islamic Business & Finance Awards , winning five accolades at the Banker Middle East Industry Awards 2015 as the "Best Islamic Bank"; "Best Sukuk Arranger"; "Best Islamic Retail Bank", "Best Premium Bank - UAE" and "Best Investment Bank". DIB was also recognised for its retail banking services at the Banker Middle East Product Awards 2015, where it won the accolades for "Best Islamic Card" and "Best GCC Equity Fund", as well as being chosen as the "Islamic Bank of the Year -UAE" and "Most Established Bank of the Year - UAE" at 2015 Business Excellence Awards for the second consecutive year. Earlier this year, the bank has been recognised for its expertise in arranging complex deals, winning accolades for "Murdarbah Deal of the Year"; "Ijarah Deal of the Year"; and "Pakistan Deal of the Year" at the Islamic Finance News Deal of the Year Awards 2015.
For further information, please contact:
Nadine Mazraani / Kanishk Mishr
Edelman DABO
Dubai, UAE
Tel: +9714-237-8000
Email: nadine.m@daboandco.com / kanishk.m@daboandco.com
© Press Release 2015
