The Mini Card, which is 43 per cent smaller and more compact than the standard credit card, proved an overwhelming success for Visa globally with over 22 million cards issued and a similar number of retail outlets accepting them.
"We are extremely proud to be launching for the first time in the CEMEA region, what is effectively a world breakthrough in card-design innovation and a first in our market," said Adel Al Majed, Group GM of Consumer Banking, NBK. "This launch stands to complement our existing market position and is a strong example of global partnership for new and innovative customer solutions."
Al Majed noted that nowadays consumers expect and demand increased convenience and mobility in their everyday life. "This is especially the case in the Middle East where increasingly young and technology-savvy consumers represent a significant segment of the market. Lifestyle products such as mobile phones, digital assistants and laptops are all getting smaller and more compact to suit consumers' mobile lifestyles," he said.
Kamran Siddiqi, General Manager Middle East of Visa International said: "We applaud NBK for introducing the smallest card in the region. As card technology continues to evolve, member banks are placing increasing emphasis on card design and innovation to give consumers new and exciting products and to differentiate offerings from those of competitors."
Siddiqi pointed out that Visa is committed to all of its member banks in this respect and particularly pleased to be able to support NBK in the development of Mini Cards which offer consumers "another choice of card design that is more portable than its traditional counterparts giving consumers superior ease of use."
The NBK Visa Mini Credit Card will be offered as a supplementary card to the bank's existing Visa cardholders, providing a more convenient, easy to carry payment option than cash. The card can easily fit on a key chain allowing customers to experience truly wallet-less shopping.
"Customer satisfaction is our number one priority, and we are confident that the NBK Visa Mini Credit Card will receive great response and further consolidate our position as the number one bank in Kuwait and the Middle East," added Al Majed.
NBK will be shortly rolling out the new Visa Mini cards to all its existing and new Visa credit cardholders, who can apply for the card over phone at the bank's Tele-Banking service Hala Watani at 801 801 or in person at any of NBK branches across Kuwait.
The new NBK Visa Mini card has all the features that NBK customers have become accustomed to, including NBK's award winning Watani Gifts program, online bill payment and real time account balance through Watani Online apart from the customer care 24 hours/7days a week service provided through Hala Watani at 801 801.
There are now close to six million Visa payment cards issued in the GCC market with Kuwait alone having over one and a half million. Visa payment cards are particularly popular in the Kuwaiti market where the overall usage is second only to that of Saudi Arabia.
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Visa International presents NBK first CEMEA Visa Mini Card issuer award
- Kuwait: Sunday, August 01 - 2004 at 17:02
- PRESS RELEASE
In recognition of National Bank of Kuwait's (NBK) leadership role in bringing new and innovative Visa products to market, Visa International has presented the bank with an award on the occasion of the launch of the first Visa Mini Card in the entire Central and Eastern Europe, Middle East and Africa (CEMEA).
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Notes and media contacts
About National Bank of Kuwait (NBK):NBK was founded in 1952 as the first indigenous bank and the first joint stock company in Kuwait and the Gulf Region. It is by far the largest financial institution in Kuwait with an effective market dominance in the commercial banking market. NBK stands out in Kuwait and among Arab banks in terms of its local and international network, which includes branches, subsidiaries and representative offices in London, New York, Paris, Geneva, Qatar, Bahrain, Amman, Lebanon, Singapore, Vietnam and Thailand, with other ambitious plans for regional expansion. NBK reported profits of USD 412 million during 2003, among the highest in the Arab world.
•The NBK Mini Card is accepted at over 5000 establishments in Kuwait and over 22million establishments worldwide.
•Earn points with our Watani Gifts program.
•The ability to view credit card activity and make payments on Watani Online
•Alerts on your card activity on NBK Mobile (SMS).
•Minimum income of KD 300
NBK's 'Firsts' include:
oFirst Bank to introduce Platinum Credit Card in the region
oFirst Bank to introduce Telephone Banking service in the region
oFirst Bank to introduce Consumer Online Banking in the region
oFirst Bank to introduce Corporate Online Banking in the region
oFirst Bank to introduce Trading Online Service in the region
oFirst Bank to introduce Online Shopping Card in the world
oFirst Bank to introduce Internet Payment Gateway in the region
oFirst Bank in the region that offers Insurance wrapped deposit products
About Visa Mini Card
The Visa Mini Card is a convenient companion card that Issuers can offer to their Visa credit and debit (Electron) cardholders. The Visa Mini Card is not meant to be a replacement for a full-sized card as it does not work in certain terminals including ATMs and fuel dispensers. Instead, it is designed to provide greater payment convenience and flexibility especially for everyday purchases or cardholders "on the go".
Issuers that elect to offer the Visa Mini Card must issue it along with a full-sized Visa credit or debit card. The Visa Mini Card is smaller than a regular Visa card, but offers many of the features found in a full-sized card. The Visa Mini Card has a magnetic stripe that works in most card swipe readers and has many of the same security features as a regular card, including a hologram, signature panel, and CVV2.
Issuers have the flexibility to customize the Visa Mini Card to fit their own unique marketing needs. The Visa Mini Card can be issued in the same shape and design as a regular Visa card. Issuers can choose to have the cardholder's information thermal printed or laser engraved. As with all Visa cards, Issuers also have the option of including the cardholder's photo. Each Visa Mini Card is issued with the same expiration date and cardholder name as the full-sized Visa card and accesses the same account.
About Visa
Visa is the world's leading payment brand generating nearly US$3 trillion in annual card sales volume. Visa has unsurpassed acceptance in more than 150 countries. The Visa organisation plays a pivotal role in developing innovative payment products and technologies to benefit its 21,000 member financial institutions and their cardholders. Visa is a leader in Internet based payments and is pioneering the creation of u-commerce, or universal commerce—the ability to conduct commerce anywhere, anytime, and any way.
Visa International is committed to working with governments, regulators and its member banks to support the development of a cashless society. Electronic payments such as Visa card payments support economic growth through increased banking deposits, which provide additional funds for commercial loans - the lifeblood of a growing economy - bringing benefits to consumers, merchants, the banking sector and the economy.
For more information and media enquiries, please contact:
Ahmed Hafez
National Bank of Kuwait
Tel: +965 2460168
Fax: + 965 2465190
Clare Woodcraft
Visa International
Dubai, UAE
Tel: +9714 3319690
Fax: +9714 3322199
Posted by Christine H. Andersen, Assistant News EditorSunday, August 01 - 2004 at 17:02 UAE local time (GMT+4)
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