Bahrain Launches GCC’s First Biometric Payment System

      Published on Friday, 16 November , 2018      21 Views      Comments Add Comment
Bahrain Launches GCC’s First Biometric Payment System


Customers at Bahrain-headquartered Ithmaar Bank will soon be able to use just their fingerprint and pin number to take money out of cash points, dispensing with the need to carry their bank cards with them.



The technological solution has been developed by a Bahraini fintech firm Eazy Financial Services, and is set to be the Gulf region’s first biometric payment system. It is due to be launched in phases from the first quarter of 2019.

“Payments stand out as the single largest driver for the biometrics market. We are driving biometric 
verification in the region, which is the future of the financial industry,” said the fintech’s CEO Khaled Al-Ahli.

“Going forward, biometrics for financial products and services are expected to represent one third of the total market for biometric solutions in 2020,” he said.

The technology is based on an Automated Fingerprint Identification System which stores and analyzes fingerprint data and is used by government agencies and security services around the world.

The project was backed by Tamkeen — a government agency tasked with supporting the private sector and provides funding to start-ups — as well as support from the Economic Development Board and the Central Bank of Bahrain.

It is part of wider efforts by the Gulf country to strengthen its reputation as a regional hub for fintech innovation.



“Bahrain’s forward-thinking regulatory approach provides an attractive environment for fintech – particularly in areas such as Islamic finance and payments. We look forward to welcoming more home-grown initiatives such as this,” said Bahrain’s EDB chief executive, Khalid Al-Rumaihi.

Keywords:
Category Technology | 2018/11/16 latest update at 4:50 AM
Source : Albawada | Photocredit : Google
22 Views
Comments Add comment



Related Articles

The editorial staff of Bahrain Today would like to give all of its readers from Gulf and Bahrain and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Bahrain Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Bahrain, the Gulf and the world.

Latest Comments


Khalifa Bin Salman in the People’s, Nation’s Memory book launched King

Khalifa Bin Salman in the People’s, Nation’s Memory book launched

Yousef Al Hamdan, the author of ”Khalifa Bin Salman in the Memory of the People, Nation” has launched…

King congratulates Abu Dhabi Crown Prince King

King congratulates Abu Dhabi Crown Prince

His Majesty King Hamad bin Isa Al-Khalifa sent a cable of congratulations to His Highness Shaikh Mohammed bin…

Bahrain’s king issues new laws to boost investment eco-system King

Bahrain’s king issues new laws to boost investment eco-system

Bahrain’s King Hamad bin Isa Al Khalifa has issued orders for new laws to enhance the country’s investment…

HM King congratulates Vietnamese president King

HM King congratulates Vietnamese president

His Majesty King Hamad bin Isa Al Khalifa today sent a cable of congratulations to President Tran Đai…

GULF TV

Popular in GULF TV

ELECTIONS 2018 | THE FIRST ROUND | PART 02

80 Views

ELECTIONS 2018 | THE FIRST ROUND | PART 02

Latest videos in GULF TV

Events

Bahrain events

Lifestyle

Culture

Bahrain Culture, Bahrain, Bahrain News

Sport

Science & Technology

Government

Bahrain Government, Bahrain Government News, Bahrain News, Gulf News, News, Bahrain News