How Tappy Technologies is Revolutionising the Wearable Payment Industry in the Middle East?
Written by Dr Amanda Lim (with her AI Assistant)
Tappy Technologies is a prominent wearable payment integrator that connects to banking partners and card networks with operations spanning North America, APAC, and EMEA regions, including the Middle East. Tappy’s digital and hardware offerings comply with industry standards, including the payment card industry (PCI) and EMVCo, ensuring the security and reliability of its solutions[1].
The Middle East offers a substantial opportunity for the wearable payment market, with an increasing number of consumers and businesses adopting contactless payment methods. According to a report by Research and Markets, the Middle East wearable payment market was valued at $3.8 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 29.1% from 2021 to 2028, reaching $39.2 billion by 2028[2].
Tappy Technologies is well-positioned to capitalise on the growing opportunities in the Middle East market. One reason why Tappy can establish its unique position in the wearable payment business in the Middle East is its expertise in providing a seamless and secure payment experience to consumers through various contactless payment methods, including bracelets, rings, caps, neck straps, etc. The Middle East region has a high demand for contactless payment options, driven by factors such as increasing smartphone penetration, the proliferation of wearable devices, and the trend towards cashless transactions.
Furthermore, Tappy’s partnership with leading payment service providers such as Visa and Mastercard enables it to provide a “One for All” digital wallet solution for practical accessory makers, just like Google Wallet for mobile phone makers. This allows Tappy to offer a comprehensive range of solutions tailored to the needs of different customers in the Middle East, including banks, merchants, and wearable device manufacturers.
Here are some examples of Tappy’s wearable payment solutions in the Middle East:
Abu Dhabi Islamic Bank (ADIB): ADIB partnered with Tappy and Visa to launch ADIB Pay, a tokenized, contactless payment method using a clasp or a ring, enabling customers to make payments using their wearable devices. The solution offers a fast, secure, and convenient payment option to customers and demonstrates ADIB’s commitment to offering simplicity and convenience to its customers[3]. Tappy licenses Token Enablement Solution Platform to ADIB to complete their tokenization solution for ADIB. Essentially Tappy developed a customised ADIB Pay App through which the customer can digitize an ADIB payment card and push it into the wearables, track their spending, remotely lock/unlock the token on the wearable device. The offering also includes Tappy’s Patented Token Provisioning UPPU solution which enables the passing of token credentials into the wearables & lastly Tappy offered customised ADIB branded payment enabled wearables like rings and watch clasps which conform with the EMVCo standards.
As Tappy Technologies is a leading provider of wearable payment solutions, its partnerships with banks and financial institutions in the region, including ADIB and Arab Bank, demonstrate its commitment to expanding its presence in the Middle East and providing innovative and secure payment solutions to customers. With its expertise in developing and integrating wearable payment technology, Tappy is likely to play a significant role in the growth of the Middle East wearable payment market in the coming years.
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REFERENCE LIST
[1] Tappy Technologies — Website. Retrieved from: https://tappytech.com
[2] Wearable Payments Devices Market Size, Share & Trend Analysis Report By Device Type (Fitness Tracker, Smart Watches), By Technology, By Application, By Region, And Segment Forecasts, 2021- 2028. Retrieved from:https://www.grandviewresearch.com/industry-analysis/wearable-payments-devices-market
[3] Abu Dhabi Islamic Bank Launches Tokenised, Contactless Payment Method. Retrieved from: https://gulfbusiness.com/abu-dhabi-islamic-bank-launches-tokenised-contactless-payment-method/
