Kuwait Finance House (KFH), the world’s leading Islamic financial institution, has introduced a digital wallet service that can be accessed through smartphones and watches.
In collaboration with Samsung, Fitbit, and Garmin, the service offers advanced and smart digital payment methods that adhere to highly established security standards.
Holders of KFH VISA ATM, credit and prepaid cards, as well as Mastercard cards (except ATM), can now use the most secure and smart payment methods by simply passing their mobile or watch over a point of sale (POS) which is compatible with Near-field communication (NFC) locally and globally.
This service confirms KFH’s strategic trend toward digital banking and modern technology to provide customers with the highest levels of satisfaction, confidence, and security, as well as to meet their banking expectations and ambitions following the highest global standards.
Mr. Talal AL-Arbeed, Group Acting Deputy General Manager Cards at KFH, said that the new service is free. The use of smartphones is needed for KFH’s modern digital wallet.
Due to increased customer demand, the company has decided to broaden the scope of this service to include smartwatches.
The digital wallet is KFH’s latest modern tool for serving customers in a highly secure and safe manner, allowing customers to pay for purchases using their mobile phones and smartwatches as long as the necessary technical specifications are available at stores locally and globally.
Mr. Al-Arbeed stated that KFH VISA and Mastercard cardholders with smartphones and watches can use the digital wallet service after completing the required identification and registration procedures. He added that Mastercard ATM cardholders will soon be able to use the facility.
In terms of service benefits, Al-Arbeed said that the new service offers several advantages and meets existing needs such as social distancing and avoiding payment devices in congested areas such as grand markets, retail stores, and well-known stores.
Without requiring any physical interaction, the service supports simple payment methods for all sales transactions. Also, the service doesn’t require the customer to use his credit card. IOS and Android apps are supported by the service. The customer will find the cards on compatible smartphones and watches with Garmin, Fitbit, and Samsung systems by following a few easy steps in a matter of minutes.
In addition, the new service intends to aid the state’s efforts to provide integrated financial services, as well as the transition to a cashless economy and the reduction of cash transactions. Customers will be able to use these new payment methods to access our banking services more easily and effectively, as well as extend their use of e-payment methods.