Riyad Bank Launches First Contactless Payment Bracelets

Press release
Published March 12th, 2018 - 10:49 GMT
Nassir Ghrous, SVP Banking & Payments for CISMEA Gemalto
Nassir Ghrous, SVP Banking & Payments for CISMEA Gemalto

Riyad Bank is one of the largest financial institutions in Saudi Arabia and a leading bank in the Middle East. Now, with Gemalto, a world leader in digital security, Riyad Bank, is launching 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 which can be fixed to the back of any cell phone to turn it into a secure contactless payment device.

Reflecting the strong appeal of innovative contactless form factors among younger customers, 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 head of retail banking division, for 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 & payments for CISMEA at Gemalto. “Riyad Bank has led the way in introducing Saudi Arabia to the benefits of contactless, and the new Gemalto payment bracelets once again put it at the forefront of this banking innovation.

Source: Saudi Gazette

Background Information

Riyad Bank

Riyad Bank is one of the largest financial institutions in the Kingdom of Saudi Arabia and the Middle East, with a strong corporate and retail franchise.

Mobilizing its substantial capital base and with decades of expertise to assume a leading role in all areas of Saudi finance, Riyad Bank is a leading financier and arranger of syndicated loans in the oil, petrochemicals and most of the Kingdom’s notable infrastructure projects. On the retail front, Riyad Bank’s individual solutions are designed to meet the needs and requirements of all economic segments.

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