Gulf Bank to Replace Existing Debit Cards with Advanced MasterCard Debit Cards
Gulf Bank recently started to issue MasterCard debit cards to the Bank's customers in Kuwait in collaboration with MasterCard Worldwide.
Through the issuance of MasterCard debit cards Gulf Bank will offer its customers the flexibility, convenience, and security they have come to expect when using Gulf Bank payment cards. MasterCard debit cards can be used at 28.4 million locations around the world, including 1.9 million ATMs and other locations where cash may be obtained. The Gulf Bank Debit MasterCard will also feature EMV[1] chip technology.
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.
Sumit Mittal, Country Manager, Kuwait, MasterCard Worldwide said, "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."
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About Gulf Bank
Gulf Bank was established in 1960 and has since progressed to becoming an industry-leading financial services provider complemented by a large network of 45 branches strategically positioned in key locations in Kuwait. The main groups of the Bank are Retail, Corporate, Treasury and International Banking.
The quality and commitment of the Gulf Bank team received international recognition in 2008, achieving a number of awards from leading international financial magazines including "Best Retail Bank" from Banker Middle East for four consecutive years.
Gulf Bank has also been internationally recognised as a leading Kuwaiti employer and holds the Localization Award from the GCC Council of Ministers for Social Affairs and Labour for four consecutive years.
Gulf Bank's branch concept design is strongly inspired by Kuwait's seafaring heritage. Most of the existing branches have been refurbished and new branches built to reflect the traditional seafaring legacy as well as provide an attractive and efficient banking experience using sleek and contemporary architectural designs.
The 24/7 Self Service area in the new branches have been further improved by the provision of cash deposit machines that complement the existing services such as Internet banking, cash withdrawals and access to customer service agents 24/7 throughout the year. A personalized message system, Aptra has also been implemented to assist customers with their ATM business transactions. Customers entering the branch experience the warmth and spirit of true Kuwaiti heritage coupled with an efficient and high-quality banking service environment. This provides Gulf Bank with a unique competitive advantage for the benefit of its customers.For more information about Gulf Bank log onto : www.e-gulfbank.com
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes over 18 billion transactions each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercard.com.
For more information, please contact:
Hamdi Derkawi
GolinHarris Dubai
Tel:+971 4 332 3308
Mobile: + 971 50 880 8691
Email: hderkawi@golinharris.com
© Press Release 2009
