Al Ain, who had beaten Cristiano Ronaldo's Al Nassr in the quarterfinals, thrashed Al Hilal 4-2 in the first leg of the Asian Champions League semifinal
Money has come a long way - from coins and cards and now contactless payment solutions. Cash is slowly being phased out, as residents are readily adopting smartphone as their primary payment terminal. According to the World Payments Report, the volume of mobile payments stood at 108.8 billion in 2019, compared to 24.6 billion in 2013, marking a CAGR of 28 per cent. Contactless payments continue to grow at a steady pace across markets, noting a rise in non-bank players carving a niche payments space.
Leading the pack is Empay, the world's first contactless lifestyle payment ecosystem with instant credit. Designed and developed within UAE's Smart Government program framework, this one-of-a-kind application provides multiple payment modes for several lifestyle needs at the convenience of a click on your phone.
"Empay was conceptualised to support contactless and remote payments to enable UAE residents to carry out highly secure financial and cashless transactions with a wide range of government and non-government entities," said Muna Al Qassab, CEO, Empay.
Empay provides a complete payment solution to a resident, starting right from morning coffee and taxi fare to large business transactions and licence renewals. This progression is the way forward for many purposes such as safety, security, durability, attribution and so on.
"Foreseeing the future of payments across the world going digital, Empay was founded to be a one-stop payment solution to all lifestyle payment needs now for the UAE and very soon across the globe," she said.
Gigi George Koshy, Deputy CEO and CPO, Empay, added: "The UAE is always on the forefront of bringing out new and innovative products and it is of immense pride that Empay is leading the new age way of payments in the sector giving users a one-stop solution for all payment needs."
Empay integrates all types of payments onto one platform, thus eliminating the need to visit various payment centres or install multiple apps on your smartphone. The app can be used for day-to-day purposes, and monthly and annual payments. Services include tap and pay, government payments, online food orders, utilities, education payments, telecom payments, remittances and instant line of credit. Its Instant Credit Facility further eliminates the need to visit a bank or ATM for a loan or extra cash, thereby saving the hassle of tedious formalities and paperwork.
"The Covid-19 pandemic merely preponed the necessity and daily usage of this payment mode. More and more countries now have to transcend from its age old banking modes to cashless modes to meet the needs of the new age customer. Cashless experience is a beautiful experience, one where the user has complete control over his expenses and savings with a single tap in his hand," he added.
The most secure way to pay
Security is of prime importance in Empay as it is a government initiative. Empay is PCI DSS-certified, which ensures highest levels of security for all your financial transactions. All critical information is encrypted and no personal information is stored on your mobile device. However, Empay allows users to store their login information.
"Your Empay card information is never stored in the app or your phone. Empay app is 100 per cent PCI-DSS compliant, international standard for handling credit card data. This ensures that no one will be able to access your card data from the Empay app. Additionally, Empay is certified and powered by MasterCard for all security standards," Koshy explained.
Empay follows a process of tokenisation where users' data are protected. Sensitive card information data (card number, expiry date and CVV) are replaced with an algorithmically generated number called a token. These tokens are then passed to process the payment without the actual card details being exposed. The actual card details are held safe in a secure token vault.
Looking ahead, Empay plans to integrate peer-to-peer payments, expand to other regions of the world, and venture into more payment segments and sectors.
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