News

UAE Stores May Soon Accept Payments Through Your Palm

The technology is known as PalmPay and will be rolled out throughout 2024, allowing users to leave their phones and bank cards at home.

Published

3 months ago

May 7, 2024

Nour Nasir

uae stores may soon accept payments through your palm

Shoppers in the United Arab Emirates may soon be able to leave their phones and bank cards at home as a new payment technology rolls out across the country this year.

PalmPay, a system devised by developers Astra Tech, uses contactless biometric palm recognition technology. It allows users to hover their hand over a payment terminal to make a payment, just like in a sci-fi movie.

“The rollout of the PalmPay technology is planned to happen gradually throughout 2024,” Abdallah Abu Sheikh, founder of Astra Tech, explained. “We currently have a certain number of machines which will be used for testing purposes within the local market infrastructure [ensuring] complete readiness for scaling to over 50,000 PayBy merchants throughout the year,” Sheikh added.

PayBy is a popular UAE payment platform and fintech subsidiary of Astra Tech. The company also has plans to integrate the palm recognition technology with banks “in the future”, enabling users to link their accounts with it.

PalmPay will be free for users who will be able to register using their devices at special point-of-sale terminals. In the future, palm authentication will be integrated into apps, allowing customers to update their accounts with palm prints through an authentication feature on their phones.

Also Read: A Guide To Digital Payment Methods In The Middle East

Astra Tech says the technology is more secure than traditional card payments and is not limited to specific industries or sectors. The company believes PalmPay will work especially well in high-volume sectors such as retail stores and could significantly speed up the checkout experience during busy times.

Aside from the wow factor, PalmPay is said to be a “cost-effective solution” for merchants and could help “financial inclusion for the unbanked population”, Astra Tech explained.

Related Topics:Astra Tech FinTech United Arab Emirates

Up Next

Orchid Plans To Find Out What’s Wrong With You Before You’re Born

Don't Miss

chatlyn Unveils Hospitality Chatbot At Arabian Travel Market 2024

Click to comment

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

21 hours ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.