With contactless payments becoming a necessity in the age of social distancing, INVESTBANK is rolling out YAP, a mobile payments app.
Powered by NymCard, the leading modern payment issuing and processing platform in the MENA region, users are now able to link their INVESTBANK Visa credit and debit cards to the YAP digital wallet and enable contactless payments using their Android smartphones on any NFC enabled POS in Jordan or around the world.
NymCard’s technology provides YAP users with a secure experience by creating a short-term randomly generated number known as a token, which is used at checkout. That keeps credit and debit card information safe and protected during transactions.
INVESTBANK and NymCard are partnering to bring contactless payments to a region that has long relied on cash and antiquated payment processing systems. While mobile usage is high in the Kingdom and digital wallets do exist, it has not been adopted yet by the masses. According to the Central Bank of Jordan, there were 461,355 e-wallet users as of the start of 2019 but only 20% were active. Experts point to a lack of understanding about mobile wallets as one of the reasons behind the low adoption rate.
“The future of digitizing payments is now, and there are significant opportunities for innovative fintech companies, financial institutions, and Banks in the MENA region to leverage the power of the internet and mobile phones to help eradicate the current legacy infrastructure,” said INVESTBANK’s CEO Mr. Muntaser Dawwas
Yap also comes to Jordan at a time when the need for contactless payments is on the rise as COVID-19 continues to spread across the globe. Jordanians may have been spared from this coronavirus but it won’t be the last pandemic to devastate the world. In the era of social distancing, being able to pay via a smartphone is becoming more appealing, particularly when Jordanians are traveling abroad. It also ensures a quick and convenient way to make purchases without having to carry a payment card.
After downloading the YAP app, users will have to add their INVESTBANK card and verify their identity via an SMS text. They are also required to set up a passcode or fingerprint scan to make payments. YAP supports multiple INVESTBANK cards, offering the users flexibility to select and pay with any type of card at checkout. To get around instances when an Internet connection is spotty in the MENA region or abroad, YAP also enables offline payments. Customers are able to make a limited number of offline transactions every month.
The need for frictionless payment experiences is now more critical than ever. YAP, powered by NymCard, brings Jordan into the future of payments while providing a fast, safe, and reliable modern digital experience. Fueled by a suite of innovations, YAP provides satisfaction to its users in anticipation of continuous improvement and the addition of more beneficial features.