Insight | OMA Emirates
Moving towards a cashless economy
T
Niranj Sangal Group CEO OMA Emirates Group
The use of Digital Wallets has better transaction security as they monitor, authenticate and store data in encrypted formats securing all personal information of the user. 24 | September 2018
oday’s world is moving at a fast space with changes and countries across the globe have been striving to turn into Cashless Economies. One of UAE’s Vision for 2021 is ‘Cashless Payments’ for which many banks and telecommunication agencies are now moving focus towards Digital Payments with services like ‘Digital Wallets’. UAE is considered to be one of the leading countries with the most number of smartphone penetration. To work towards the aim and turning the population into a digital market, various Digital Wallets erupted in the country with customized services. Face Recognition is one of the feature introduced on Digital Wallets to make checkout processes even quicker. OMA Emirates Digital Wallet Solution is integrated with Face Recognition, GPS Identification, NFC, QR Code and Surveillance which allows users to walk out of stores without even screening or tapping their smartphones at the terminals. The solution is designed to allow users to use Digital Wallets for Payment, P2P Transfer and Remittance Services via Virtual Payment Cards and even add Identifications Cards like Driving License and Health Cards. The system of introducing face recognition will be able to enhance payment checkout process as merchants today are always on the hunt for new and innovative solutions. Transactions can be approved on the registered mobile through Face ID feature, wherein the process is complete once the users face is recognized. For security reasons, Surveillance can also be integrated with the Digital Wallet to avoid time-consuming checkout counters, failed transactions and other errors. For example, an in-store camera installed will be able to recognize the user based on the profile picture registered on the Digital Wallet and approve payments. Once the image is captured, the checkout process is complete and a receipt is sent via SMS or Email Address registered. The use of Digital Wallets have better transaction security as they monitor, authenticate and store data in encrypted formats securing all personal information of the user. On the other hand the use of completing transaction via mobile devices is consider to be more secure. Apart from the Digital Wallet Solution, OMA Emirates has recently added QR Code based payment solution, Biometric Payment Solution and Instant Account Opening and Card Issuance Kiosks to its Digital Banking Portfolio.