Chip-enabled cards are payment cards - credit, debit or prepaid - that in addition to the traditional magnetic stripe on the back of the card, also have a chip embedded in it. The card holds information in an encrypted form, significantly enhancing security by making it more tamper-resistant and difficult to access. Using advanced cryptography, the card can authenticate itself as genuine at point of sale terminals. Chip-enabled payment cards will mean improved levels of card and data security, point of sale loyalty rewards and the opportunity for additional point of sale enhancements.
Highlighting the benefits of the collaboration of Gulf Bank and MasterCard, Louis Myers, CEO & CGM, Gulf Bank, said, "We are committed to deliver comprehensive solutions to our customers in Kuwait. MasterCard debit cards with a chip offer an ideal payment alternative to cash and cheques. Our cardholders in Kuwait will now be able to enjoy the benefits of an easy, convenient and safe way to make purchases, as well as, access to cash via an ATM. We are very excited about the alliance with MasterCard, which we believe has elevated our payment services to our customers."
Myers added that the Gulf Bank MasterCard EMV-enabled Debit card is already available for customers to collect at the branches.
"MasterCard is delighted to collaborate with Gulf Bank to provide their cardholders in Kuwait with MasterCard chip-enabled debit cards. Gulf Bank's customers will now replace their existing debit cards with a secure and innovative payment solution that allows them to make purchases locally and globally at millions of locations that accept MasterCard payment cards. We look forward to continue working with Gulf Bank to develop innovative and flexible payment programs designed to support the lifestyle needs of their cardholders,"
said Sumit Mittal, Country Manager, Kuwait, MasterCard Worldwide.
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