Qatar National National Bank (QNB) in Egypt, in collaboration with Visa, is introducing a new contactless electronic payment technology that allows customers to make bank payments electronically without dealing with banknotes that have become a factor in the transmission of the coronavirus.
The bank last week launched the electronic payment bracelet, to be a faster and safer payment method, relying on contactless payment technology, so that the holder can pay for their purchases using electronic points of sale by simply reading the data of the bracelet remotely, without the need to directly contact with any traditional types of cash such as banknotes or electronic payment cards.
The world’s banking systems are turning to digital transformation and relying on online transfers and electronic transactions, to avoid direct dealing with banknotes that may carry the virus, and to avoid the traffic at banks and ATMs that may help spread the coronavirus.
The smart bracelet is the latest contactless electronic payment method and is popular around the world, especially among young people.
Forms of technology of contactless payment systems
Systems use contactless payments -both credit card (which contains an electronic chip) or wearable devices like rings and bracelets for electronics, or smartphones and other mobile devices – RF “R. F. I. D.” (RFID) or communications near “NFC” (NFC), such as payment systems, Google, Apple, Samsung, ebay, or any mobile application bank (supports connect without notice) conduct operations to secure payment.
The circuit chip and antenna integrated into the bracelet allow the e-reader at the point of sale to recognize user data by simply waving his hands.
This must be done within walking distance, unlike mobile payments that use cellular or broadband Wi-Fi networks, and do not need to be near points of sale.
These technologies are subject to EMV standards, a common standard used by the three major credit card companies Europay, Mastercard and visa.
Contactless smart device technology-which acts as prepaid cards-has become commonly used as public transport system cards, such as Oyster or riocard, which can often store a value other than currency (such as monthly passes), in addition to the value of the fare packaged in cash or electronic payment.
The first bracelet of its kind in the Egyptian market
According to Mohamed Al Deeb, chairman and managing director of QNB Al Ahli Bank, the electronic payment bracelet is faster and more secure than other payment methods, and keeps pace with the aspirations of third millennials whose technology is part of their daily lives.
“QNB Al-Ahli Bank is the first bank to offer this bracelet, providing the latest payment methods developed for its customers,” al-Deeb said in a press release.
Visa North Africa general manager Ahmed Jaber believes that Egypt is experiencing rapid growth in digital payments, to meet the demands of consumers for easy and seamless payment experiences.
Visa’s partnership with QNB Al Ahli Bank offers cardholders a state-of-the-art experience that enables them to complete a full cash transaction with a single click, saving time and effort, according to Jaber.
Advantages of electronic bracelet
According to the official website of QNB Al Ahli Bank, the electronic bracelet has a number of advantages, the most important of which is the innovative waterproof design, and being a fast and convenient payment tool the holder will not need to take out his wallet to pay, the bracelet can be refilled through mobile phone service, internet banking service or bank branches,
Qatar National Bank is one of the largest private banks in Egypt, serving approximately one million and two hundred thousand customers in Egypt, more than 227 branches covering all governorates, and 487 ATMs.
The Central Bank of Egypt’s policies support the transition to a digital economy that is less paper-based, supporting the use of electronic cards and contactless payment methods and encouraging the use of electronic payment methods, as part of its precautionary measures to prevent the spread of coronavirus in Egypt among bank customers.