(MENAFN - The Peninsula)
Doha: Commercial Bank, the most leading digital Bank in Qatar, yesterday announced the launch of a new digital feature that enables payment through wearables, a new innovative payment method provided through smartwatches and trackers.
Through this new offering, Commercial Bank is adding one more contactless payment solution that allows users to make secure payments from the smartwatch or fitness trackers, without the need of a phone or cards.
Commercial Bank cardholders will very soon enjoy this innovative payment tech by simply registering their CB Credit or Debit card details into their wearable smartwatch or tracker using the devices' applications and then make contactless payments by simply tapping their smartwatch at any contactless supported payment terminals.
Commercial Bank's newly launched service fulfills the bank's promise of bringing payment solutions to match the evolving lifestyle of its customers; thus, becoming one of the first local banks to offer athletes and sports enthusiasts in Qatar a new way to pay for their purchases with their watches and keep moving.
Roya Khajeh, AGM Head of Cards and Payments at CB said: 'Commercial Bank has always been a market leader in introducing new payment technologies and a key influencer in setting new market trends in Qatar. In recent years, we have seen a considerable growth of smartwatches and wearables in the country. The adoption of these wearables made it essential for us to bring contactless payments to more payment devices. We are proud to partner with Garmin and MasterCard to bring a secure and convenient payment option for our customers. Commercial Bank customers can stay tuned and expect to know more about this exciting product launch following the ongoing closed group pilot testing phase, through a bigger marketing announcement.
'We are a big supporter of the government's vision of a cashless society, therefore always trying to provide innovative, convenient, and secure payment solutions to both our customers and merchants alike. Amidst the COVID-19 pandemic, more people across the region and the world are turning to contactless payments for safe, hygienic, and fast purchases, and we are delighted to offer them additional touchless solutions and a seamless banking experience.
'We are excited to extend our partnership with Commercial Bank for the launch of this new payment solution. Contactless payment technologies were already gaining traction, we have witnessed how the pandemic acted as a catalyst and dramatically increased consumer adoption in this market. Shoppers have realized that touchless provides a much faster, safer, convenient and hygienic way to pay. Hence we will continue to work closely with our partners in Qatar to introduce new solutions that are aligned with their changing needs, said Nadia Ghissassi, Country Manager, Qatar, Kuwait, Iraq and Oman, MasterCard.
'We are excited to provide our Qatari customers and Commercial Bank cardholders with another way to pay while they are on the go, said Tim Spurling, General Manager Middle East, North Africa and Central Asia at Garmin. 'Having the ability to easily pay for purchases, without the need for a phone or wallet, is a feature that we are happy to bring to users who live an active lifestyle.
This offering is backed by an advanced Tokenization platform, offering users higher transaction security and greater transparency while making purchases. The technology replaces sensitive cardholder information with an alternate card number or token that is used by the payment device and merchant, reducing the possibility of fraud. Introduced recently, MasterCard's MDES for Merchants (M4M) offering also protects the interests of merchants, as shopping goes increasingly digital and more businesses tap into e-commerce potential.
In recognition of its leading innovative digital services in the regional market, Commercial Bank has been awarded The Banker's award for 'Innovation in Digital Banking in the Middle East for 2020.
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.