Kuwait Finance House "KFH" launched the Digital Wallet service through smart mobiles and watches. The service provides advanced and smart digital payment methods according to highly developed security standards in cooperation with Samsung, Fitbit and Garmin.
The holders of KFH VISA ATM, credit and prepaid cards as well as Mastercard cards (except ATM) are now able to experience the most safe and smart payment methods by passing the mobile/watch on the POS which is compatible with NFC locally and globally. This service affirms KFH strategic tendency towards digital banking and modern technology to provide the highest levels of satisfaction, trust and security to customers and fulfill their aspirations and ambitions in the field of banking services according to the best global standards.
The Group Acting Deputy General Manager Cards, at KFH, Talal AL-Arbeed, said in a press statement that the new service is free. The modern digital wallet service at KFH is dependent on the usage of smart phones. KFH has decided to expand the horizons of this service to include smart watches, considering the increasing demand on this service by customers. The digital wallet is KFH new modern tool to serve customers in a highly secured and safe manner, where customers are able to use their mobiles and smart watches for payment of purchases as long as adequate technical requirements are available at stores locally and globally.
Al-Arbeed added that card holders of KFH VISA and Mastercard who have smart phones and watches may enjoy the digital wallet service after completing the identification and registration procedures required. He said that the service shall be made available soon to Mastercard ATM card holders.
Regarding the service advantages, Al-Arbeed said that the new service has several advantages and copes with current requirements of social distancing and avoiding payment devices in highly congested areas e.g. Grand markets, retail stores and famous shops. The service facilitates easy payment methods for all purchase transactions without any physical contact. Also, the service doesn't require the customer to use his credit card. In fact, it would be sufficient to pass the smart phone or watch over the POS device which is compatible with the NFC Technology. The service is compatible with IOS and Android apps. The customer himself can easily register in this highly secured service. The customer may choose the appropriate card to complete the purchase transaction and may delete or activate the card temporarily at any time. The customer may, within few minutes, follow few simple steps to identify the cards on the smart phones and watches compatible with Garmin, Fitbit and Samsung systems.
AL-Arbeed reiterated that this new service offers users a unique safe and secured banking experience, thus affirming KFH belief in the significance of technological development, the necessity to work as per the latest innovation mechanisms, the significance of enhancing its competitive advantage, Kfh determination to expand its e-banking services and enhancing its contribution to a less cash dependent society.
Also, the new service aims to support the state effort to achieve comprehensive financial services, transformation to a cash free economy and mitigation of cash transactions. These new payment methods shall enable customers to avail our banking services efficiently and effectively and expand the usage of e-payment methods.
KFH was established in Kuwait in 1977 and is enlisted in Boursa Kuwait. KFH Group is a global pioneer in the field of Islamic banking services, where it offers a wide array of Islamic financial products and services, not to mention a high standard of innovation and customer service.
KFH manages its operations in the GCC, Asia, and Europe through over 520 branches, including KFH-Turkey, to offer services for the bank's customers in Turkey, Malaysia, Saudi Arabia, Bahrain, Germany, and the UAE.
KFH's mission is to achieve highest levels of excellence and innovation in the field of customer service, while developing common interest for all those concerned with the financial institution. KFH's vision is to spearhead the global development in Islamic financial services, and to upgrade the bank into the level of becoming the most sustainable profitable Islamic bank in the world.
KFH's values include cementing leadership through all its businesses, including leadership in the Islamic banking services worldwide, through innovation, superior customer service and the development of its employees. In addition, KFH is committed to all its procedures, and to setting up long-life partnerships with the concerned authorities.