Credit Bank has replaced its cards with chip & PIN debit cards featuring Visa payWave technology that allows users to pay using a card or smartphone by waving it over a secure reader.
The lender arrived at on that move as a way of reducing cases of card fraud and enhancing convenience on their customers.
PayWave is the latest in secure contactless technology that allows customers to use their cards by just ‘waving to pay,’ meaning that the customer will always be in control of the card at all times during the transaction. PayWave technology is an improvement of the current payment process of inserting or swiping a card.
For anyone to use the service, they are required to download the Visa paywave app on their smartphones.
Electronic payments firm Interswitch will manage and process the issuance of the Visa debit cards. The partnership will also allow Interswitch to deploy and manage Credit Bank’s Automated Teller Machines (ATM).
Interswitch East Africa CEO Bernard Matthewman said that outsourcing some of the capital-intensive services allows banks to focus on their core business, save money and boost their services.