- A UAE-first with the patented solution being introduced at Dubai Fintech Summit
Dubai, UAE – 06 May 2024: At Dubai Fintech Summit, Astra Tech, the leading consumer technology holding group in the MENA region, announced the launch of Palm Pay through its CBUAE-licensed fintech subsidiary PayBy, which holds the exclusive patent for this innovative technology. Palm Pay, the first technology of its kind in the UAE and the region, is a pioneering contactless palm recognition service that enables customers to effortlessly hover their palm over a device to make payments. A payment solution that aims to simplify the fintech offerings of merchants across the country beyond PayBy’s portfolio of 50,000 merchants.
Palm Pay is designed to transform how transactions are conducted across the UAE. This proprietary technology allows users to make payments with unprecedented ease and security, leveraging advanced biometric authentication methods. The system’s upcoming rollout not only emphasizes Astra Tech’s role as a leader in fintech innovation but also aligns with the UAE’s strategic goals to pioneer significant technological advancements in its financial sector.
The introduction of Palm Pay during the Dubai Fintech Summit underscores Astra Tech’s commitment to pioneering technologies that drive digital transformation and financial inclusion. Palm Pay is set to redefine the payment experience by offering a user-friendly, secure, and fast transaction process, catering to a diverse demographic across the UAE.
Addressing concerns around existing payment methods, Palm Pay provides a more secure alternative to traditional card payments and other payment technologies, which can be slow, expensive, and raise concerns about identity security. By utilizing palm recognition, Palm Pay minimizes these risks and offers a quick, cost-effective solution for merchants, enhancing transaction security for consumers and furthering financial inclusion for the unbanked population.
The launch during the Dubai Fintech Summit highlights Astra Tech’s commitment to spearheading innovative solutions that promote financial inclusion and digital transformation. “The UAE is now home to a first-of-its-kind technology that simplifies and secures how our customers interact with the world around them,” said Abdallah Abu Sheikh, Founder of Astra Tech and CEO of Botim. “Palm Pay exemplifies our drive to bring revolutionary technologies to the region and As the sole provider of this technology, we are proud to set new standards in the fintech sector and contribute to the UAE’s reputation as a global technology hub”
This system utilizes innovative palm recognition technology to transform the customer payment experience, offering both enhanced security and convenience. Its key features include easy integration with existing POS systems for a seamless transition and superior security with biometric authentication, which is 1300 times more secure than facial recognition methods, significantly reducing the risk of fraud and unauthorized transactions. PayBy’s comprehensive suite of payment solutions sets new standards in transactional security and speed, underscoring Astra Tech’s leadership in the fintech sector.
