BOV cards be­come con­tact­less

The Malta Business Weekly - - FRONT PAGE -

Bank of Valletta has started rolling out its con­tact­less cards. As had been an­nounced a few months ago, the bank has started re­plac­ing its cur­rent cards with con­tact­less cards.

Speak­ing about the project, Ivo Camil­leri Ex­ec­u­tive Elec­tronic Bank­ing ex­plained, “The con­tact­less card up­grade ush­ers in a new era of dig­i­tal bank­ing in Malta. These cards com­bine the same se­cu­rity af­forded by tra­di­tional chip-and-pin cards, with the con­ve­nience af­forded by wire­less pay­ments. Pay­ing for low-value items is for the first time eas­ier than pay­ing cash. Now card­hold­ers can sim­ply tap the card on the EPOS ma­chine at the re­tailer’s and the trans­ac­tion is pro­cessed in sec­onds. There is no need to en­ter a PIN or sign on the slip as long as the trans­ac­tion’s value is be­low €20.”

Mr Camil­leri said that this mi­gra­tion ne­ces­si­tates the re­place­ment of all EPOS ma­chines as well as the in­di­vid­ual cards. “The past few months have seen the roll out of the project at re­tail out­lets where the bank’s POS ma­chines are grad­u­ally be­ing en­abled to ac­cept con­tact­less cards. This process will con­tinue over the com­ing months un­til all POS ma­chines within re­tail es­tab­lish­ments are con­tact­less en­abled. This sec­ond phase of the project is now be­ing ex­tended to the up­grade of all el­i­gi­ble debit and credit cards. The new con­tact­less cards, which have also been given a fresh look with new art­work, al­low the card­holder to ef­fect reg­u­lar con­tact trans­ac­tions, whilst also en­abling con­tact­less trans­ac­tions.”

As with all elec­tronic pay­ment meth­ods, the is­sue of se­cu­rity re­mains a pre­rog­a­tive with con­tact­less tech­nol­ogy. In fact as Mr Camil­leri un­der­lined, “Con­tact­less cards are equipped with the tra­di­tional chip based se­cu­rity fea­tures which now also com­bine con­tact­less spe­cific tech­nol­ogy to en­able the card to in­ter­act se­curely with a con­tact­less ter­mi­nal. These se­cu­rity fea­tures work in tan­dem with other se­cu­rity mea­sures that are specif­i­cally de­signed to en­sure card­holder’s peace of mind when tak­ing ad­van­tage of the con­ve­nience of mak­ing se­cure con­tact­less pay­ments with their new card”.

Whilst re­it­er­at­ing his con­fi­dence that the con­tact­less card will in­crease the scope of card pay­ments, Mr Camil­leri ex­plained that ed­u­cat­ing its cus­tomers re­mains a pre­rog­a­tive for the bank. “In this re­gard, the bank will be un­der­tak­ing a se­ries of ed­u­ca­tional ini­tia­tives, us­ing var­i­ous chan­nels of com­mu­ni­ca­tion to ap­peal to the widest pos­si­ble au­di­ence” he said. “Our aim re­mains that of ed­u­cat­ing the pub­lic, whilst en­cour­ag­ing more peo­ple to switch from con­ven­tional pay­ment meth­ods such as cash and cheques to more user­friendly dig­i­tal al­ter­na­tives.” Ad­di­tional in­for­ma­tion re­gard­ing the con­tact­less im­ple­men­ta­tion may be ob­tained by vis­it­ing or con­tact­ing the BOV Cus­tomer Ser­vice Cen­tre on 2131 2020.

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