VISA

Kuwait Finance House Teams Up With Visa For Mobile Wallet

Visa

To roll out a mobile wallet for its credit and prepaid Visa cardholders, Kuwait Finance House (KFH) teamed up with Visa. The wallet will use Visa’s token service, and KFH Chief Retail and Private Banking Officer Waleed Khaled Mandani said to the media that the tie-up will help its customers use the newest technologies for payments on the market, according to reports.

The news comes as Visa introduced Token Management Service (TMS), a token aggregation solution that gives Visa merchants a single view of customers across all the channels they shop and payments methods they use when shopping there, without a heavy IT lift or the need to change their existing token service provider relationships. In a prior interview with PYMNTS, Senior Vice President of Visa CyberSource Andre Machicao said that TMS had been a few years in the making, framed specifically to give merchants an effective way to close the omnichannel gap and create a truly integrated customer experience.

TMS, Machicao had said, abstracts the complexity associated with managing token silos so that merchants truly have a single, comprehensive look at the customer across all methods of payment, including alternative payments methods, rewards points as currency and merchant loyalty programs. This also includes the ability to scale as shopping channels and destinations think geographies proliferated.

The news comes as Visa made an investment in YellowPepper to accelerate the adoption of mobile payments and tokenization in Latin America and the Caribbean, according to Visa in an announcement.

Eduardo Coello, regional president for Visa Latin America and the Caribbean, said in the announcement, “Through our investment in YellowPepper, we want to bring the best of Visa’s technology and capabilities to a broader set of partners and clients across the region. Visa is always looking for new investments that allow us to accelerate innovation for our clients, finding new ways to support our clients’ technology.”

——————————

PYMNTS LIVE ROUNDTABLE: TUESDAY, JULY 14, 2020 AT 12:00 PM (ET)

Digital transformation has been forcefully accelerated, but how does that agility translate into the fight against COVID-era attacks and sophisticated identity threats? As millions embrace online everything, preserving digital trust now falls mostly on banks and FIs. Now, advances in identity data and using different weights on the payment mix afford new opportunities to arm organizations and their customers against cyberthreats. From the latest in machine learning for fraud and risk, to corporate treasury teams working in new ways with new datasets, learn from experts how digital identity, together with advances like real-time payments, combine to engender trust and enrich relationships.

TRENDING RIGHT NOW