Bottom-tier Credit Bank has partnered with digital payments firm InterSwitch to replace its proprietary cards with more secure Paywave technology-enabled Chip and PIN debit cards.
The Paywave technology allows customers to transact by waving the cards, reducing prevalence to fraud.
Credit Bank is leveraging on the experience of Interswitch in managing ATM fleets, including mobile money services, to give more convenience to customers.
“This partnership allows Credit Bank to focus on building its market and customer base while leveraging on Interswitch’s vast experience and knowledge in the card industry,” the bank's chief executive Chege Thumbi said. “Interswitch’s robust card management and processing system will boost our current offering enabling our customers to safely transact on different platforms.”
Interswitch East Africa CEO Bernard Mathewman said the firm is scouting for partnerships with banks looking to provide and access multi-payment platforms
“As banks continue to, we are centered on working with them to fight fraud by boosting data security and offering innovate solutions to address the same," he said. "The chip technology guarantees that information stored is not accessible to unauthorised persons to ensure payments remain secure and uncompromised while at the same time we are offering Credit Bank customers access to more options to transact using their cards at different ATMs and Point of Sale Stations.”