PayBy announces the launch of the palm-of-hand electronic payment service
Abdullah Abu Al -Sheikh, the CEO and founder of “Astra Tech,” announced today the launch of its subsidiary company, PayBy, a leading provider of electronic payment solutions.
Abu Sheikh made this announcement during an exclusive interview with “Entarabi,” as part of the activities of the second edition of the Dubai Fintech Summit under the theme ” Pioneering Fintech’s Future ” taking place from May 6th to 7th in Jumeirah, Dubai.
According to Abu Sheikh, the idea of electronic payment via palm recognition was conceived to enhance customer convenience, particularly in the UAE, where this technology is widely used in both residential and workplace settings.
He emphasized the heightened security offered by palm recognition compared to traditional methods like mobile wallets, as palm recognition is less susceptible to theft.
Furthermore, Abu Sheikh highlighted that customer data can be securely stored on a dedicated platform, with specialized payment terminals facilitating palm-based transactions. The company is currently coordinating with banking partners in the UAE, who collectively own approximately 60,000 ATMs, to roll out this service soon.
Abu Sheikh stressed the superior security of palm-based payment technologies, citing the stability of palm prints over time compared to facial recognition, which can be subject to alterations due to factors like cosmetic procedures or aging.
The Dubai Financial Technology Summit, hosted at the Dubai International Financial Centre (DIFC), focuses on innovation, inclusivity, and enhancing financial technology services to promote societal welfare and financial sustainability, while supporting startups and entrepreneurs.
