Credit Bank is replacing 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 says the move is meant to reduce card fraud and enhance customer convenience.

“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,” Credit Bank said in a statement.

Capital-intensive

PayWave technology is seen an an improvement of the current payment process of inserting or swiping a card.

Those intending to use their smartphones will need to download the Visa payWave app.

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.

Source:http://www.nation.co.ke/