Commercialbank is well on the way to become the 'first' bank in Qatar to re-card its entire Visa and Mastercard Cards to EMV, facilitating its cardholders to use a more secure payment card platform that provides additional security to them by securing the transaction with a PIN - that is, a secret unique Personal Identification Number (PIN).
This initiative from Commercialbank well ahead of migration timelines worldwide is another reflection of why Commercialbank Credit Cards are the 'Best way to pay for everything that matters' The cards are being progressively secure mailed to cardholders postal addresses over the next Two months.
The new chip and PIN credit cards from Commercialbank ensures a more secure way to pay with credit or debit cards worldwide at over 24 million merchant locations and over 1 million ATM's. If you're a Commercialbank chip & PIN Credit Cardholder, you will be asked to enter a four-digit PIN known only to you instead of using your signature to verify payments at terminals that are EMV compliant.
Therefore, all Commercialbank Chip & PIN cardholders must know their PIN - as in ATM transactions - to use their cards at POS terminals as well.
Whilst, most banks chose to out-source EMV card production and personalisation to overseas suppliers, Commercialbank has strategically made the decision to issue and personalise all its EMV plastics in-house at its operations centre, a reflection of its in-house expertise and established competencies as a leading Bank with superior technological and operational strengths.
'There are many customer benefits associated with this decision - service continuity, increased customer confidence and trust in Commercialbank and its card payment program(s) - besides the assurance that lost and damaged cards will be replaced almost immediately instead of having to wait for up to six to eight working days for the new cards to arrive from an outsourced and overseas-based service provider' said Paul Russell, EGM & Chief Retail Banking Officer at Commercialbank.
'We believe that an efficient and reliable in-house operational infrastructure is required to meeting customer expectations around service and delivery. The idea that convenience, simplicity and security are key elements of an effective mass migration underpins the philosophy that drives our issuance program in-house.' said Manu Joseph, AGM & Head of Cards at Commercialbank.
The Commercialbank chip & PIN Credit Cards dispel the myth that the new Chip & PIN card would not be accepted at terminals or countries that have not migrated to EMV technology -- or when travelling abroad to destinations which have already migrated to EMV and/or Chip & PIN. Both payment associations Visa and MasterCard are making sure that both during the run-up to and even after the distribution of the chip & PIN cards, they will be accepted globally at all merchant and ATM locations that accept the Visa and MasterCard brands.
This migration from conventional cards to Chip & PIN credit cards underscores the banks commitment to lead the market and re-iterates its commitment to migrate its debit, credit and charge Visa and MasterCard cards. In this context, teamwork between Qatar Central Bank and Commercialbank via various interactions and forums is helping ensure a well co-ordinated and successful transition to smart card acceptance throughout the country.
Commercialbank (Cb) is the leading private sector and second largest commercial bank in Qatar, by total assets, shareholders equity and market capitalization. Cb is a full service commercial bank and offers a complete range of retail banking, card services, wealth management, corporate banking, investment banking, Islamic banking, trade finance, and corporate internet banking services. Corporate Finance services include IPO management, loan syndications and business advisory services for trade and investments in Qatar. Commercialbank has a country wide network of 25 branches, including 5 branches of AlSafa Islamic Banking.
Commercialbank ranks 26th among the Arab region banks (The Banker July 2007 rankings by capital strength), and is one of the strongest capitalized and fastest growing banks in the economically vibrant GCC region. Cb has a presence in Oman and UAE through its affiliate, National Bank of Oman - the second largest bank in Oman.
Commercialbank has prime single A credit ratings from all the three globally recognized rating agencies - Moodys, Fitch and S&P. Cb has a global investor base in its bonds and equity capital, and its EMTN programme and FRNs are listed on the London Stock Exchange.
Commercialbank has a record of consistent profitability and growth for 31 years. As of 30 June 2007, Shareholders Equity was US$ 1.46 billion, Capital Adequacy Ratio (Basle II) was 12.1%, total assets US$ 9.94 billion, half yearly net profit US$172 million, and customer deposits were US$ 5.85 billion. Asset quality is strong with one of the lowest non performing loan ratios in the region.
The Bank has dominant market leadership in Card Services, including exclusive Diners Club International franchises in Qatar, Bahrain, Oman, Egypt and other Arab countries. Commercialbank's diversified corporate client list includes Qatar Petroleum and all government institutions, leading Qatari business groups, and MNCs operating in Qatar. With a strong capital base, Cb has single project underwriting capacity in excess of USD 250 million.
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For further information, please contact:
Mrs. Aisha Al Ali, Media Manager.
Tel : (+974) 449 0112
Fax: (+974) 449 0041
© Press Release 2007
