The Central Bank launches biometric payment solutions

The Central Bank, through its regulatory sandbox and innovation center at the Emirates Financial Institute, and in cooperation with Network International, a company specializing in financial technology, announced the launch of the first-of-its-kind “Biometric” payment solutions in the region, using facial and palm recognition technologies.

A statement issued yesterday stated that the initiative is currently undergoing a proof-of-concept stage, as it is being implemented in the Dubai Land Department, allowing customers to make payments easily by verifying identity using a face or palm print, without the need for cards or smart devices, indicating that this technology depends on “Network International” solutions with the support of “PopID”.

Assistant Governor of the Central Bank for Banking Operations and Support Services and Vice Chairman of the Board of Directors of the Emirates Financial Institute, Saif Humaid Al Dhaheri, said: “The Central Bank of the Emirates confirms its firm commitment to supporting innovation and promoting digital transformation in the country. Biometric payment solutions are a strategic step towards providing safer and smoother payment experiences, and establishing new standards of trust and flexibility in financial transactions, in line with the UAE’s vision of building a pioneering digital economy based on innovation.”

For his part, CEO of Network International Group, Murat Cajri Sozer, said: “Network International, through its close cooperation with the UAE Central Bank, is proud of its role in the field of biometric payments with the aim of building a future payment system.” He added: “Biometric payments represent an advanced step in the process of transformation towards digital commerce, as it combines convenience, security and efficiency.”