Owned 17.4% by the government, Kenya Commercial Bank has become the second bank in the country to allow the use of contactless cards based on MasterCard PayPass technology in Kenya, after the certification process was completed by Compass Plus, an international provider of retail banking and electronic payments software.
According to Avi Mitra, Group Chief Information Officer at Kenya Commercial Bank, “As part of our ongoing strategy to make banking easier and more convenient for our customers, we recently launched an in-house processing centre built on TranzWare products from Compass Plus, which has enabled us to provide our customers with innovative products and services and reduce our product development time, allowing us to bring new products to the market quicker.”
PayPass enabled cards have a hidden embedded computer chip and antennae to allow cardholders to simply tap or wave their MasterCard PayPass cards on partner merchant’s point of sale to securely transmit payment details wirelessly. The account details are communicated wirelessly and the holder then receives a notification to their account contacts. Users don’t have to swipe or inserting their cards for payments or hand it over to merchants anymore.
KCB has over 170 branches in Kenya and has expanded around the region. The MasterCard PayPass technology will help the bank serve its customers efficiently, help them save time and even increase it’s revenue margins due to security and simplicity of the technology.
PayPass promises a quick, easy payment method, thereby improving the overall in-store experience. Increases the feeling of security, as cardholders remain in control of the card during transactions. For merchants, MasterCard PayPass is designed simpler and faster than cash, thereby speeding consumers through the check-out process, Increase average transaction amounts spent as compared to cash, Provide a reliable, trusted payment method that works well in “quick pay” environments and elp attract new customers and increase their loyalty.
KCB also plans to become certified in Visa payWave for both issuing and acquiring, JCB and UnionPay. Equity Bank had earlier announced plans to issue 5 million Mastercard PayPas cards to its customers.