In a bid to revolutionize digital banking and cater to the evolving needs of its clientele, Kuwait International Bank (KIB) unveiled its latest offering, the Multicurrency Prepaid Visa Card, during a press conference. This innovative digital product launch underscores KIB’s commitment to delivering cutting-edge banking solutions aimed at ensuring convenience and ease for its customers, especially during international transactions and travels.

Commenting on KIB’s newest product, Othman Tawfeqe, General Manager of the Retail Banking Department, said: “We are thrilled to introduce the Multicurrency Prepaid Visa Card, a digital payment product designed to simplify international transactions like never before. The card is designed to cater to the evolving needs of today’s travellers, online shoppers, study abroad students, and others, offering an array of features that are set to transform the way people manage their finances across borders in a manner that fits their modern lifestyles. More importantly, KIB customers will be able to digitally issue the card and start using it within minutes through the App.”

Mohamed Atef El-Shareef, General Manager of the Digital Innovation and Data Intelligence Department at KIB, said, “At KIB, we persist in our efforts to pioneer new and contemporary solutions in the realm of digital banking. This progressive initiative underscores our dedication to offering products and services that are not only flexible and secure but also efficient and in line with the highest international standards.” He highlighted that this card would be a significant addition to customers’ travel experiences by saving time and effort in online payment transactions. Additionally, the card offers security and peace of mind as it is supported with a 3D Secure feature, ensuring the trustworthiness of online purchasing processes. Moreover, cardholders can add their cards to their digital wallets, such as Apple and Samsung Pay, and use the card instantly without the need of to request a plastic card.

Discussing the new card’s details, Laila Naserallah, Products Manager of the Digital Innovation and Data Intelligence Department at KIB, said: “A single prepaid card with multiple currencies, this card is a game-changer. It can hold up to six wallets and allows customers to choose from 12 different currencies. With the main wallet holding KWD, customers can choose five different currencies for the remaining wallets. The card offers the choice of USD, EUR, GBP, TRY, SAR, AED, BHD, QAR, OMR, EGP, and JOD. With highly competitive rates, customers can easily exchange from the KWD wallet to a foreign currency wallet, and vice versa.”

Naserallah added: “Offering a daily top-up limit of up to KD 3,000, customers can reload the card quickly and efficiently, with accessibility and support offered through all KIB’s physical and online channels. Even more, customers can secure their exchange rate before traveling to ensure their peace of mind, then pay in any country with no additional fees from the selected currencies, making international travel hassle-free.”

From his side, Ali Hinnawi, Visa’s Business Development Lead in Kuwait, said: “This innovative solution leverages Visa’s global network of 130 million merchant partners, providing KIB’s Visa cardholders unparalleled access and convenience when abroad. Moreover, cardholders can transact with the peace of mind that their payments are secured by VisaNet, our advanced global processing network. This is a testament to our commitment to enhancing cardholders’ travel experience, and we’re delighted to partner with KIB to launch this new multicurrency prepaid Visa card.”

Issuing the Multicurrency Prepaid Card is a seamless process, with an annual fee of KD 12. Any individual aged 18 and above with an active KIB account and registered user of the bank’s mobile app can easily apply and start using the card within minutes. Additionally, customers receive 50 Reward Points from KIB Rewards for the first card issued.

As KIB continues its commitment to delivering excellence and convenience to its customers, the introduction of the Multicurrency Prepaid Visa Card reaffirms its position as a leader in digital banking innovation, striving to meet the modern lifestyle needs of its clientele.