I don't understand what the big hub bub about the Visa cards is all about because the Smart Card that has been passed out to everybody for over 2 years IS THE VISA CARD!!! It was first used in Saudi back in 2003!!! sheesh can't the guru's come up with something better for BS!!
Saudi Hollandi Bank launches Saudi Arabia's first Visa smart card
* Saudi Arabia: Monday, June 16 - 2003 at 11:52
* PRESS RELEASE
Chip technology has made a debut in Saudi Arabia's payment market as the pioneering Saudi Hollandi Bank announced the launch of the Kingdom's very first Visa smart or chip card programme, opening doors for its customers to a smarter, faster, more secure and versatile environment for paying.
As part of a global migration to smart payment cards, Saudi Hollandi Bank have implemented the revolutionary technology on all new Gold and Silver Smart cards providing their cardholders with added security when making payments around the world in shops, restaurants, hotels, or at ATMs. Existing Saudi Hollandi Bank Gold and Silver cards will be replaced with the new smart cards over the coming months.
Commenting on the launch of the new product, Peter Baltussen, Managing Director of Saudi Hollandi Bank said, "Chip cards mark the beginning of a new revolution in the world of electronic payments and we are delighted to be the first in making it a reality in Saudi Arabia. As a mature market, the Kingdom is quick to embrace the latest in technologies, which makes it increasingly important for us to deliver a sophisticated product to suit modern payment needs.
"Chip cards have a definite edge over the traditional magnetic stripe, most important of all being in combating any potential fraud. The microprocessor embedded in the card, carries only encrypted data therefore making it almost impossible to decipher when in wrong hands," he added.
Furthermore, the chip can contain pre-determined security limits determined by the bank thereby allowing many transactions to be authorised safely off-line, without the need to be routed through the issuing bank. This will facilitate faster transactions.
Explaining the functionality of the chip card, Saudi Hollandi Bank's Head of Credit Card Center, Saudi Al Mehaid said, "The Saudi Hollandi Smart card will be able to perform all of the regular credit functions found on a magnetic stripe card. However, the micro chip processor also has the capability of storing 80 times more data than the magnetic stripe making it compatible for a multitude of non-payment applications that can be introduced in the future."
In countries around the world where Visa chip cards have already made an entry, such as in France, Germany and Austria, chip cards already carry out a variety of functions including loyalty programmes and identity information, while in Japan chip cards are extensively used in transport systems.
Congratulating the bank, Peter Scriven, Visa International's General Manager for Middle East said, "Chip is the technology of the future and we applaud Saudi Hollandi Bank's foresight in leading the first chip drive in the country. Saudi Visa cardholders are the highest spenders in the Middle East, generating almost half of all card expenditure across the region. What better than to support them further with the new chip platform, providing enhanced security and added functionality.
"At the end of 2002, there were over 90,000 chip cards in the Middle East and we are confident that with members such as Saudi Hollandi Bank who have set the trend in moving to chip, we should cross over 120,000 Visa chip cards across the region by end of this month," Scriven added.
Running parallel with the growth in smart card issuance, Visa acquiring banks are investing in chip compatible technology for point of sale terminals worldwide. From an existing 700,000 chip enabled terminals as of 31 December 2002, Visa expects a 215 per cent rise by end of 2003 to reach nearly 2.5 million retail locations worldwide that are capable of processing chip cards. In the Middle East alone, chip enabled terminals are predicted to double from 10,000 at the end of 2002 to reach almost 20,000 by the end of this year.
Saudi Hollandi Bank launches Saudi Arabia's first Visa smart card
* Saudi Arabia: Monday, June 16 - 2003 at 11:52
* PRESS RELEASE
Chip technology has made a debut in Saudi Arabia's payment market as the pioneering Saudi Hollandi Bank announced the launch of the Kingdom's very first Visa smart or chip card programme, opening doors for its customers to a smarter, faster, more secure and versatile environment for paying.
As part of a global migration to smart payment cards, Saudi Hollandi Bank have implemented the revolutionary technology on all new Gold and Silver Smart cards providing their cardholders with added security when making payments around the world in shops, restaurants, hotels, or at ATMs. Existing Saudi Hollandi Bank Gold and Silver cards will be replaced with the new smart cards over the coming months.
Commenting on the launch of the new product, Peter Baltussen, Managing Director of Saudi Hollandi Bank said, "Chip cards mark the beginning of a new revolution in the world of electronic payments and we are delighted to be the first in making it a reality in Saudi Arabia. As a mature market, the Kingdom is quick to embrace the latest in technologies, which makes it increasingly important for us to deliver a sophisticated product to suit modern payment needs.
"Chip cards have a definite edge over the traditional magnetic stripe, most important of all being in combating any potential fraud. The microprocessor embedded in the card, carries only encrypted data therefore making it almost impossible to decipher when in wrong hands," he added.
Furthermore, the chip can contain pre-determined security limits determined by the bank thereby allowing many transactions to be authorised safely off-line, without the need to be routed through the issuing bank. This will facilitate faster transactions.
Explaining the functionality of the chip card, Saudi Hollandi Bank's Head of Credit Card Center, Saudi Al Mehaid said, "The Saudi Hollandi Smart card will be able to perform all of the regular credit functions found on a magnetic stripe card. However, the micro chip processor also has the capability of storing 80 times more data than the magnetic stripe making it compatible for a multitude of non-payment applications that can be introduced in the future."
In countries around the world where Visa chip cards have already made an entry, such as in France, Germany and Austria, chip cards already carry out a variety of functions including loyalty programmes and identity information, while in Japan chip cards are extensively used in transport systems.
Congratulating the bank, Peter Scriven, Visa International's General Manager for Middle East said, "Chip is the technology of the future and we applaud Saudi Hollandi Bank's foresight in leading the first chip drive in the country. Saudi Visa cardholders are the highest spenders in the Middle East, generating almost half of all card expenditure across the region. What better than to support them further with the new chip platform, providing enhanced security and added functionality.
"At the end of 2002, there were over 90,000 chip cards in the Middle East and we are confident that with members such as Saudi Hollandi Bank who have set the trend in moving to chip, we should cross over 120,000 Visa chip cards across the region by end of this month," Scriven added.
Running parallel with the growth in smart card issuance, Visa acquiring banks are investing in chip compatible technology for point of sale terminals worldwide. From an existing 700,000 chip enabled terminals as of 31 December 2002, Visa expects a 215 per cent rise by end of 2003 to reach nearly 2.5 million retail locations worldwide that are capable of processing chip cards. In the Middle East alone, chip enabled terminals are predicted to double from 10,000 at the end of 2002 to reach almost 20,000 by the end of this year.