Eazy Financial Services, a Bahraini Fintech company focusing on providing technologies and innovative solutions to the financial sector, is gearing up to launch the region’s first biometric payment network in Bahrain.
Featuring an integrated fingerprint solution as an alternative to the traditional cash and card methods, this will be the first of its kind financial technology to be launched in the region and will further serve to strengthen Bahrain’s standing as a tech hub, said a statement.
The fingerprint solution uses biometric data from its users to enable them to perform everyday financial transactions. This solution is patented at the United States Library of Congress and addresses the challenge of providing an alternative method to the traditional cash and cards payment that provides utmost security and is fast and convenient, it said.
Eazy has appointed Khaled Abdulkarim Al Ahli as its CEO to help drive this product into fruition. An expert in payment business, retail banking and client relationship management, Al Ahli brings to Eazy Financial Services over 14 years of experience in the financial sector where he has held senior executive positions in reputed institutions in Bahrain and Saudi Arabia, his last post being vice president at MasterCard.
Commenting on this new solution, Al Ahli said, “This revolutionary financial technology is the first of its kind to combine the security of biometrics with the speed and convenience of cardless and paperless payment. To benefit from this solution, customers will be required to enroll through participating financial institutions by registering their fingerprints. All users will receive a PIN and once activated, they will be able to make any payment without the need to carry their wallets or any devices. The fingerprint is enough to make a transaction and the PIN will be used to authenticate for additional security.”
“This new technology will drastically transform the entire spectrum of financial services in Bahrain and regionally. Our belief is that a society should be able to make payments with minimal risk of fraudulent transactions, especially during volatile times,” commeneted Nayef Tawfiq Al Alawi, co-founder and vice chairman at Eazy Financial Services. “Our focus therefore is to ensure that once implemented, this financial technology will offer robust security, simplicity of use and convenience for the customer. We are introducing a holistic payment network whereby costumers of any bank, linked to Eazy network, may conduct payment transactions through multiple access points of their disposal, not restricting them to their specific banks.”