KFH, MasterCard launch in­no­va­tive ‘Mo­bile Wal­let Pay­ment Ser­vice’

KFH first bank in MEA to launch a mo­bile wal­let based ser­vice

Kuwait Times - - BUSINESS -

Kuwait Fi­nance House (KFH), the world’s lead­ing Is­lamic fi­nan­cial in­sti­tu­tion and MasterCard, a lead­ing tech­nol­ogy com­pany in the global pay­ments in­dus­try, have an­nounced the launch of a ‘Mo­bile Wal­let Pay­ment Ser­vice’ for the bank’s MasterCard credit and pre­paid card­hold­ers.

Group Chief Re­tail and Pri­vate Bank­ing Of­fi­cer at KFH, Waleed Man­dani said that KFH is the first bank in the Mid­dle East and Africa (MEA) re­gion to launch a mo­bile wal­let based on the MDES plat­form.

He added, dur­ing his speech at a press con­fer­ence held to un­veil the ser­vice, that the in­no­va­tive ‘KFH Wal­let’ ser­vice is pow­ered by the MasterCard Dig­i­tal En­able­ment Ser­vice (MDES), a revo­lu­tion­ary plat­form that helps trans­form any con­nected de­vice into a com­merce de­vice to con­ve­niently make and re­ceive pay­ments. By re­plac­ing card num­bers with a dig­i­tal to­ken unique to the mo­bile de­vice, MDES cre­ates EMV­like se­cu­rity for ev­ery trans­ac­tion, giv­ing card­hold­ers peace of mind wher­ever they tap for pay­ments.

Man­dani in­di­cated that the new ser­vice will en­able KFH cus­tomers to pay for their pur­chases by sim­ply tap­ping their smart phones at Point of Sale (POS) ter­mi­nals equipped with Near Field Com­mu­ni­ca­tion (NFC) tech­nol­ogy. Cus­tomers hold­ing KFH MasterCard credit or pre­paid cards can eas­ily add their card de­tails on the KFH Wal­let mo­bile ap­pli­ca­tion and ac­ti­vate their cards through a se­cured au­then­ti­ca­tion process. Af­ter load­ing their cards on the app, cus­tomers can safely use the ser­vice to make pay­ments at all NFC-en­abled POS ter­mi­nals in Kuwait and abroad.

“As part of its com­mit­ment to con­tin­u­ously en­hanc­ing the cus­tomer ex­pe­ri­ence, KFH re­mains ded­i­cated to uti­liz­ing tech­nol­ogy in a way that op­ti­mally meets their evolv­ing needs, es­pe­cially as they be­come more and more dig­i­tally savvy. KFH will con­tinue to up­date and im­prove its tech­no­log­i­cal ser­vice of­fer­ings in an ef­fort to be­come the best and most tech­no­log­i­callyad­vanced bank in the re­gion, us­ing the high­est and most ad­vanced tools and de­vel­op­ments in both bank­ing and in­no­va­tion,” he con­tin­ued.

“The ser­vice is sim­i­lar to Ap­ple Pay and Sam­sung Pay and other mo­bile pay­ment ser­vices that are cur­rently be­ing in­tro­duced by banks around the globe. The trans­ac­tions, in ad­di­tion to be­ing EMV-com­pli­ant, will have an ad­di­tional layer of se­cu­rity that re­quires users to en­ter a PIN or a fin­ger­print ID be­fore com­plet­ing the trans­ac­tion,” he con­cluded.

“The ‘KFH Wal­let Ser­vice’ is based on our ad­vanced to­k­eniza­tion ser­vice, which is used by lead­ing banks world­wide for their mo­bile pay­ment so­lu­tions through the MasterCard Dig­i­tal En­able­ment Ser­vice. The ser­vice lets KFH cus­tomers re­place their wal­lets with their smart- phones, al­low­ing them to make fast and se­cure in-app pay­ments ev­ery­where they see the ‘con­tact­less’ sym­bol, whether at home or abroad,” said Pankaj Kathuria, Area Busi­ness Head, North­ern Gulf, MasterCard.

On the side­lines of the press con­fer­ence.

De­mon­strat­ing the ser­vice.

Man­dani speak­ing at press con­fer­ence. KUWAIT:

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