KCB Bank and Visa have joined forces to bring a new and exciting payment service to Kenyan customers. If you’re a KCB Bank customer with an Android handset or a nifty Garmin wearable, get ready to embrace the future of cashless transactions. This collaboration between KCB, Visa, and Thales introduces a groundbreaking solution that allows you to make in-store payments effortlessly using your KCB App. All you have to do is tap your NFC-enabled smartphone on any contactless-enabled payment terminal. It’s as simple as that!
To get started, you’ll need to digitize your KCB Visa card through a one-time setup process in your banking app. Once your card credentials are securely stored on your mobile device, you can tap to pay by opening your banking app, selecting NFC payments, and then tapping your phone at the point of sale. To complete the transaction, just enter your PIN, and voila! You’re done. It’s like magic!
Thanks to Thales, a global leader in digital security, this innovative solution provides you with a seamless and hassle-free checkout experience. You’ll have all the transaction information you need at your fingertips, allowing you to make your purchases with confidence. Plus, with Visa’s tokenization capability, you can enjoy a new level of convenience. Say goodbye to carrying around a physical wallet or rummaging for your card when you want to buy something.
Michael Kungu, the Acting Director of Retail Banking at KCB Bank, is thrilled about this game-changing development. He believes that eliminating the need for dedicated payment terminals and enabling merchants to accept card payments using their own cellphones is revolutionary. It’s a significant step forward in the digital payments ecosystem, and it’s all made possible through their partnership with Thales and Visa. Their goal is to support financial inclusion and help businesses deliver top-notch contactless experiences to consumers. And guess what? You don’t need any extra devices because you already have the most important one—a smartphone!
In this era of digital payments, safety and security are of paramount importance. That’s why KCB Bank has incorporated tokenization technology into their solution. This additional security layer ensures that your payment transactions are safer and more seamless than ever before. Eva Ngigi-Sarwari, the Country Manager of Visa Kenya, commends KCB for pioneering this technology in the country. She believes it will offer customers secure and convenient payment experiences. Visa has been tirelessly working with their banking partners to create new and enhanced experiences for consumers, and this collaboration with KCB is a testament to their dedication. They’ve witnessed tremendous growth in contactless payments over the past few years and are committed to investing in safe, reliable, and seamless digital payments that empower individuals, businesses, and economies to thrive.
But wait, there’s more! KCB is confident that this collaboration will bring even more value by leveraging existing infrastructure. Their aim is to provide faster and more accessible payments without compromising security for convenience. They’re committed to connecting their merchants and customers to convenient digital commerce solutions. Nassir Ghrous, the Vice President for Sales in South Europe, Middle-East & Africa Banking and Payment Services at Thales, expresses his pride in working with KCB and Visa Kenya to introduce this groundbreaking technology for the first time in Kenya. With the rise of digital wallets and mobile payments, secure tokenization services have become increasingly popular among banks and eMerchants. This collaboration is a shining example of how innovative and secure payment solutions can be offered to customers.
The statistics from the Central Bank of Kenya (CBK) speak for themselves. The use of bank cards for shopping has seen a tremendous increase, reaching a record high of 4.4 million transactions by May 2022 compared to a meager 676,275 transactions in August 2014. This trend reflects the growing preference for card payments, showcasing increased consumer spending and the convenience that this payment option offers.
So, if you’re a KCB Bank customer with an Android handset or a stylish Garmin wearable, get ready to tap your way to a cashless future. It’s time to embrace the convenience, security, and excitement of contactless payments. With KCB, Visa, and Thales by your side, your shopping experience will never be the same again. Just tap, pay, and enjoy the seamless journey into the world of digital commerce.