Qatar’s leading financial institution Commercial Bank (CB) has launched a new digital feature that allows payment through wearables, a new innovative payment method offered through smartwatches and trackers.
Through this new service, Commercial Bank is introducing one more contactless payment solution that enables customers to make secure payments from the smartwatch or fitness trackers, without the need for a phone or card.
Commercial Bank cardholders can enjoy this payment technology by registering their CB credit or debit card information using the devices’ apps in their wearable smartwatch or tracker and can make contactless payments by simply tapping their smartwatch at any contactless supported payment terminals.
This service is supported by an advanced Tokenization platform, providing users higher transaction security and greater transparency while making purchases. The technology replaces sensitive information about the cardholder with an alternate card number or token that is used by the payment device and merchant for transactional purposes, reducing the risk of fraud.
“Commercial Bank has always been a market leader in introducing new payment technologies and a key influencer in setting new market trends in Qatar. In recent years, we have seen a considerable growth of smartwatches and wearables in the country. The adoption of these wearables made it essential for us to bring contactless payments to more payment devices. We are proud to partner with Garmin and MasterCard to bring a secure and convenient payment option for our customers. Commercial Bank customers can stay tuned and expect to know more about this exciting product launch following the ongoing closed group pilot testing phase, through a bigger marketing announcement.”
“We are a big supporter of the government’s vision of a cashless society, therefore always trying to provide innovative, convenient, and secure payment solutions to both our customers and merchants alike. Amidst the COVID-19 pandemic, more people across the region and the world are turning to contactless payments for safe, hygienic, and fast purchases, and we are delighted to offer them additional touchless solutions and a seamless banking experience,” she added.
Nadia Ghissassi, Country Manager, Qatar, Kuwait, Iraq, and Oman, MasterCard said, “Contactless payment technologies were already gaining traction, we have witnessed how the pandemic acted as a catalyst and dramatically increased consumer adoption in this market. Shoppers have realized that touchless provides a much faster, safer, convenient, and hygienic way to pay. Hence we will continue to work closely with our partners in Qatar to introduce new solutions that are aligned with their changing needs.”
“We are excited to provide our Qatari customers and Commercial Bank cardholders with another way to pay while they are on the go. Having the ability to easily pay for purchases, without the need for a phone or wallet, is a feature that we are happy to bring to users who live an active lifestyle,” commented Tim Spurling, General Manager Middle East, North Africa, and Central Asia at Garmin.