The Central Bank of the UAE (CBUAE) has initiated a groundbreaking pilot for a new biometric payment solution, leveraging facial and palm recognition technology to authenticate transactions. The move signals a significant leap forward in the nation’s journey towards a seamless and secure digital economy.
This pioneering initiative is part of the CBUAE’s Sandbox Programme and Innovation Hub at the Emirates Institute of Finance (EIF) and is being conducted in collaboration with Network International, a leading enabler of digital commerce across the Middle East and Africa.
A New Era of Secure Transactions
The biometric payment system is currently in its Proof-of-Concept phase at the Dubai Land Department, allowing customers to make payments without the need for physical cards or mobile devices. By simply using their facial or palm biometrics, users can authenticate their identity and complete transactions effortlessly.
The underlying technology for this innovative solution is provided by Network International and is powered by PopID, a global leader in biometric identity platforms.
Championing a Digital Economy
The launch aligns with the UAE’s broader vision of fostering an innovation-driven economy and enhancing the security and efficiency of its financial ecosystem.
Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services at CBUAE, stated, “The introduction of biometric payment solutions represents a strategic step to delivering more secure and seamless payment experiences. It sets new benchmarks for trust and convenience in financial transactions, while aligning with the UAE’s vision of building a world-leading, innovation-driven digital economy.”
Building a Future-Ready Payments Ecosystem
For partners like Network International, this collaboration represents a key step in shaping the future of digital commerce in the region.
Murat Cagri Suzer, Group Chief Executive Officer of Network International, commented, “We are working closely with the Central Bank of the UAE to build a future-ready payments ecosystem. Biometric payments represent the next frontier in digital commerce, combining convenience, security, and efficiency.”
About The Central Bank of the UAE
The Central Bank of the UAE (CBUAE) is the principal regulatory body for the nation’s financial and banking sector. Its mandate is to ensure monetary and financial stability, manage foreign reserves, and promote a robust and efficient payment system to support the economic growth and diversification of the United Arab Emirates.
Source: Fintechnews.ae
