Awards & Ratings
Gulf Bank First to Complete Migration to EMV Chip-Enabled MasterCard Debit Cards in Kuwait
Kuwait, 18 May, 2009 - Gulf Bank today announced that it has completed its migration to EMV chip-enabled Debit MasterCard cards. This migration is ahead of the Central Bank of Kuwait’s deadline for all payment cards to be EMV chip-enabled by the beginning of June 2009.
Mark Davies, Head of Consumer Credit, Gulf Bank, said; “We are committed to providing our customers innovative payment solutions such as chip cards that are globally recognized and accepted. EMV chip cards provide advanced levels of card and data security, in addition to the ability to store more information than a magnetic stripe card. Our migration to EMV chip-enabled Debit MasterCard cards will now enable our customers to conveniently and securely make purchases locally and overseas.”
Chip-enabled cards, including credit, debit or prepaid cards, feature the traditional magnetic stripe on the back of the card, in addition to having 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 (POS) terminals. Chip-enabled payment cards will mean improved levels of security, point of sale loyalty rewards and the opportunity for additional point of sale enhancements.
“Chip cards provide a platform for banks to develop highly differentiated products and value-added services for their cardholders,” said Sumit Mittal, vice president, Account Management, MasterCard Worldwide. “With an EMV Debit MasterCard card, Gulf Bank cardholders can enjoy better access to their bank accounts and will be able to make payment transactions conveniently and securely at 28.8 million acceptance locations worldwide. We congratulate Gulf Bank for achieving this significant milestone in EMV chip migration in the Middle East.”