UAE Exchange, a global remittance, foreign exchange and payment solutions brand, and Oberthur Technologies have partnered to launch gocash prepaid card of UAE Exchange through the first-ever contactless payment through wearable devices powered by Flybuy MiniFOB technology from Oberthur Technologies. UAE Exchange will be offering the wearable contactless payment option to select 100 gocash prepaid card customers, each loaded with a 100 AED balance, across the United Arab Emirates.
Flybuy MiniFOB technology is a mini contactless card of SIM-size 15x25mm, including an antenna and a chip with payment functionality. The MiniFOB can be inserted into a prepaid card, silicone, leather wristband, a key chain, jewelry, fitness trackers, watches or any other wearable device. The card uses Mastercard contactless functionality and is developed by Oberthur Technologies, a global provider of embedded security software products and services and an award-winning innovator in the payment sector.
A special keeper will be provided along with the standard Dual Interface gocash card that will hold the MiniFOB chip. Customers can attach it to their watch, wristband or any wearable item, thus, allowing a seamless, secure and stylish payment option on the go.
Promoth Manghat, Chief Executive Officer, UAE Exchange Group, said: “Contactless payment through wearable devices is soon going to be a common practice. It will simplify the entire payment journey and experience as it offers customers hands-free convenience while saving time. We are glad to partner with Oberthur Technologies for our gocash card, which will have the special contactless chip and provide our customers with a faster and convenient mode of payment.”
Cedric Collomb, Head of Global Offer and Indirect Sales of Financial Services Institutions activity at Oberthur Technologies said: “The global market of wearables is nascent and has huge growth potential over the coming years. With its leading position in the payment field, Oberthur Technologies is a key and trusted partner to offer wearable payment solutions, thanks to its comprehensive portfolio of products which can answer a full range of customer requirements. We are glad to partner with UAE Exchange, which shares our progressive vision of bringing value to the table, which will enhance customer experience.”
According to IHS Technology, the number of wearable devices used for payments is projected to increase from 10 million units in 2015 to over 150 million units in 2020. As a pioneer in this market with the first payment sticker and keyrings, OT has been very active working with banks, processors and partners to propose a comprehensive range of wearable options:
Flybuy Mini Fob is a very small, SIM-size 15x25mm, contactless card including a boosted antenna that can be inserted into a silicone or leather wristband, a key chain or special pieces added to fitness trackers or watches. FlyBuy Mini Fob makes it possible to add contactless payment functionality to various existing objects.
Flybuy Secure Element is intended for OEMs to be embedded into watches or fitness bands directly at the manufacturing stage.
FlyBuy Wearables can be positioned either as a companion extension to the existing payment card or as a stand-alone prepaid option. In both cases, their settings can be easily managed by a mobile app. They can be used for payment, but also for public transport and access control to corporate premises, fitness centers or music and sports events for example.
UAE Exchange commenced its operations in 1980. It has grown into a leading global remittance, foreign exchange and payment solutions brand. Headquartered in Abu Dhabi, the brand has spread its footprint worldwide. With close to 800 branches across 31 countries in 5 continents, it has emerged as the widest globally networked remittance brand. It has strong correspondent banking relationship with over 140 global banks. UAE Exchange is an ISO-certified brand.
Oberthur Technologies is strategically positioned in high growth markets and offers embedded security software solutions for end-point devices as well as associated remote management solutions to a huge portfolio of international clients, including banks and financial institutions, mobile operators, authorities and governments, as well as manufacturers of connected objects and equipment.