i2c Inc., a leading provider of digital payment and open banking technology, together with Najm, a provider of financial solutions, today introduce[d] Apple Pay® to Najm Prepaid cardholders in the Middle East. Apple Pay is transforming payments with an easy, secure and private way to pay. With Najm prepaid reloadable cards and Apple Pay on iPhone®, customers can make fast and convenient purchases in stores, in apps and on websites.
Najm offers a variety of prepaid cards through Majid Al Futtaim Finance LLC., which provides consumer finance solutions. The company offers prepaid cards, specifically corporate travel and entertainment expense management, incentive and redemption, as well as a retail and online prepaid marketplace platform. All can be loaded into the Apple Pay app and used for purchases via Apple Pay.
Security and privacy are at the core of Apple Pay. When you use a prepaid card with Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers. Instead, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element on your device. Each transaction is authorized with a one-time unique dynamic security code.
The implementation of the program with Najm Prepaid and Apple Pay took 90 days to bring to market using i2c’s highly configurable and flexible technology platform. This enabled Najm to deliver a better customer experience through innovative programs such as virtual cards and digital wallets.
“The launch of Apple Pay is an important advancement in innovation and convenience for Najm Prepaid customers,” said Rasool Hujair, CEO of Majid Al Futtaim Finance. “We appreciate the efforts and cooperation by i2c in delivering Apple Pay, helping to make Najm the first and only prepaid provider with this capability in the UAE market.”
Being the first to offer Apple Pay is an achievement, as Apple Pay is not available in all countries and often has a bank associated with offering the product. In this case, Majid Al Futtaim Finance used its BIN sponsors relationship to extend the service to Najm prepaid cardholders.
Smartphone penetration in the UAE is above 80%, with the iPhone being the smartphone of choice. This should have a positive effect on Najm’s prepaid card offerings, as well as usage of Apple Pay.
Overview by Sue Brown, Director, Prepaid Advisory service at Mercator Advisory Group
