Astra Tech's PayBy is Revolutionizing Electronic Payments

Astra Tech's PayBy is Revolutionizing Electronic Payments

By Staff Writer, 08 May 2024

In a groundbreaking announcement at the Dubai Fintech Summit's second edition, Abdullah Abu Al-Sheikh, CEO of Astra Tech, revealed the launch of its subsidiary, PayBy, emerging as a frontrunner in electronic payment solutions.

During an exclusive interview with Entarabi at the summit held in Jumeirah, Dubai from May 6th to 7th, Abu Al-Sheikh detailed the vision behind the innovative palm recognition payment system.

The system aims to revolutionize customer convenience, especially in the UAE, where palm recognition technology is widespread in residential and workplace environments.

Highlighting the system's superior security compared to conventional methods such as mobile wallets, Abu Al-Sheikh emphasized its resistance to theft.

He underlined that customer data will be safeguarded on a dedicated platform, with specialized payment terminals enabling seamless palm-based transactions.

Collaborating with UAE banking partners, who collectively oversee approximately 60,000 ATMs, PayBy aims to implement the service imminently.

Abu Al-Sheikh emphasized the reliability of palm prints over time, contrasting them favorably with facial recognition, which can be susceptible to alterations due to factors like aging or cosmetic procedures.

The Dubai Financial Technology Summit, hosted at the Dubai International Financial Centre (DIFC), serves as a hub for fostering innovation, inclusivity, and advancing financial technology services.

With a focus on societal welfare and financial sustainability, the summit aims to support startups and entrepreneurs in the evolving fintech landscape.

Source: EntArabi

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