A new partnership between Oberthur Technologies and UAE Exchange could help to push the wearable payments market in the United Arab Emirates.
The companies have combined UAE Exchange’s “gocash” prepaid payment card with Oberthur Technologies’ FlyBuy MiniFOB, a small contactless payment card measuring just 15mm by 25mm. Equipped with contactless payment capabilities, the MiniFOB is designed to be attached to a variety of wearable devices, from jewellery to wristbands, effectively enabling wearable payments.
In a statement announcing the collaboration, UAE Exchange CEO Promoth Manghat suggested that it puts his company at the forefront of a growing trend. “Contactless payment through wearable devices is soon going to be a common practice,” he said, adding later that the “gocash” solution will “provide our customers with a faster and convenient mode of payment.”
The companies are showing off their solution at this week’s Seamless Payments expo in Dubai, which runs from May 1st to May 2nd.