Riyad Bank launches Kingdom’s first contactless payment bracelets
Riyad Bank, one of the largest financial institutions in Saudi Arabia and a leading bank in the Middle East, has partnered with Gemalto, an international digital security company, for the country’s first-ever range of contactless payment wristbands.
Fitted with Gemalto’s proven “Contactless MiniTag,” the bracelets are linked to the user’s existing debit or credit account and offer the freedom to make swift “tap and go” payments with their wearables. Along with the bracelets, Riyad Bank has also launched Gemalto’s contactless sticker that can be fixed to the back of any cellphone to turn it into a secure contactless payment device.
Riyad Bank will be also serving millennials with bracelets that will be linked to prepaid accounts to enable secure cashless payments at restaurants and other outlets across the country.
“The launch of Saudi Arabia’s first-ever contactless payment wristband is the latest example of our commitment to an enhanced and distinctive customer experience,” said Riyadh Al-Zahrani, executive vice president and head of the retail banking division, Riyad Bank. “It also represents another milestone in our collaboration with Gemalto that supports our vision for innovation in order to better serve our customers.”
“Right across the Middle East, a new generation of consumers is looking for banking solutions that can help facilitate their busy, on-the-go lifestyles,” said Nassir Ghrous, senior vice president banking and payments for CISMEA at Gemalto. “Riyad Bank has led the way in introducing Saudi Arabia to the benefits of contactless innovations, and the new Gemalto payment bracelets once again put it at the forefront of this banking innovation.”