Kuwait Finance House (KFH) has introduced a new mobile wallet payment solution called KFH-Wallet for its customers using Visa prepaid and credit cards.
The wallet is powered by Visa’s Token Service that is designed to allow secure digital payments by replacing the sensitive consumer payment account details with a digital identifier specific to the mobile device.
Users can add their cards to the KFH-Wallet for both local as well as international transactions.
Cardholders will be able to use the wallet to ‘tap-and-pay’ through their smartphones at near field communication (NFC)-enabled point-of-sale (POS) terminals.
KFH group chief retail and private banking officer Waleed Khaled Mandani said: “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.
“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.”
The transactions made using the new payment service are EMV-compliant and require authorisation through PIN entry or fingerprint ID.