Kuwait Finance House (KFH), the world’s leading Islamic financial institution, and Visa, the world’s leader in digital payments, have announced the launch of KFH-Wallet, a ‘Mobile Wallet Payment Service’ for the bank’s Visa credit and prepaid cardholders.
Group Chief Retail and Private Banking Officer at KFH, Waleed Khaled Mandani, said, "We are pleased to announce the launch of our mobile KFH-Wallet with Visa, our strategic partner. This is another important milestone for KFH in our effort to continue providing better customer experience and more flexible payment options for our customers when using our cards payments solutions. Our customers who have Visa credit and prepaid cards can add their cards to the KFH wallet and enjoy a faster and secure payment option when using the wallet for payment both locally and internationally. We will continue investing in the latest payment technologies and innovative marketing campaigns to achieve our goal of moving customers from using cash to digital payments."
Mandani’s statement was made on the sidelines of the official launch ceremony of KFH-Wallet on Bank’s Visa credit and prepaid cards in the presence of KFH Group General Manager Retail Banking, Fadi Chalouhi and Group Deputy General Manager Cards, Nimer Yasin in addition to Visa officials at KFH Headquarters. It is worth mentioning that KFH Wallet is currently the only mobile payment wallet in Kuwait with both Visa and Mastercard products.
Mandani pointed out that the innovative ‘KFH Wallet’ service is powered by Visa’s tokenization platform, Visa Token Service, which makes mobile and online payments more secure and convenient by replacing the consumer account information with a digital identifier, or “token”, unique to the mobile device. By removing sensitive consumer payment account information, cardholders can transact with the peace of mind knowing that their account information is protected.
He said that the new service enables 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 Visa 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.
He reiterated that KFH remains dedicated to utilizing technology to meet the customers’ 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 technologically-advanced bank in the region, using the highest and most advanced tools and developments in both banking and innovation. 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.
Mandani boasted that the successful partnership with Visa has resulted in the launch of many campaigns, products and services to the Bank’s customers. KFH has launched “KFH” Visa Signature Credit card that offers customers a unique experience for enjoying a world of exclusive privileges, luxury and convenience that are carefully selected and tailored to suit their lifestyle. Cardholders are eligible to get up to 6% cashback on their monthly spends in addition to a plethora of enhanced benefits.
Also, with the recent KFH and Visa Debit card campaign, 6 KFH customers have won a unique 6-day trip to London in a private jet for themselves and their companions, in addition to accommodation in a 5-star hotel premium suite, luxury car with chauffeur service and KD 2000 cash credit to enjoy a unique shopping experience.
KFH has recently launched Your “KFH” card, the key to your house in Turkey” campaign where 3 winners will win the house of their choice in Turkey with furniture and home appliances, in addition, fly business class to Turkey with a companion and stay in a 5 star hotel for 5 nights when using any of “KFH” Visa cards (Debit, Credit or Prepaid) to pay for their domestic or international purchases.
Meanwhile, Amit Vij, Visa’s Country Manager for Kuwait, commented, “The launch of the KFH-Wallet is the latest development in our partnership with KFH. Thanks to Visa’s market-leading technology, we can ensure that KFH customers access the latest payments innovations safe in the knowledge that every transaction is both seamless and secure, protected by multiple layers of security. What’s more, by pioneering new payment technologies such as the KFH-Wallet, we continue to support the move to a cashless society in Kuwait, with the wealth of social and economic benefits that brings.”