Fintech and Digital Solutions Provider Thales to Assist Commercial Bank of Kuwait with Offering Secure Contactless Payments

Digital solutions provider Thales is reportedly supplying the Commercial Bank of Kuwait (CBK) with its Gemalto Trusted Services Hub (TSH), which will allow the bank’s customers to perform secure contactless payments from their smartphones.

According to a release, a tokenization process will be used to “digitize” credit or debit cards on Android devices, which will also aim to protect customers’ personal data.

CBK customers will have to download the bank’s mobile application on their Android phones and then register their payment cards via the app. Payment cards will be linked with the app “within seconds” so that they can be used to make online purchases with the bank’s mobile app.

The app integrates Thales Gemalto SDK (software development kit). It may be used as a mobile or digital wallet to make quick and easy payments at contactless points of sales locations throughout Kuwait.

Thales offers a cloud-powered, turnkey service that aims to support secure and seamless tokenization. The physical payment card’s details are converted into a virtual token which may be embedded into devices including wearables and smartphones. The digital tokens are encrypted which can prevent potentially fraudulent activity.

The Commercial Bank of Kuwait has also been using Thales’ EMV contactless cards and its Instant Issuance solution for providing payments cards quickly along with certain personalized features.

AbdulAziz Essa Malak, AGM – Card Center at CBK, stated:

“CBK is committed to offering its customers the most innovative and exciting banking services possible. The introduction of contactless mobile payments [with assistance from] … Thales [will] help us deliver the most advanced and digital payment [options.]”

Nassir Ghrous, Senior VP, Banking and Payment Services for EMEA region at Thales, remarked:

“As we work ever-more closely with CBK, our objective is to offer new digital experiences to Kuwait’s young, demanding and tech-savvy consumers.”

Thales (Euronext Paris: HO) is a global tech firm that offers products and services in the areas of aeronautics, space, transport, digital identity, security, and defense markets. The company employs around 83,000 workers based in 68 different countries. Thales reportedly generated €19 billion from sales last year.

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