Kuwait, 6 March 2024: Kuwait International Bank (KIB) held a press conference to unveil the array of benefits offered by its innovative digital product, the Multicurrency Prepaid Visa card. The launch of the new product aligns with the Bank’s overarching strategy to deliver innovative banking solutions and products designed to ensure convenience and ease for all its customers. It aims to enhance the quality of services provided, guaranteeing a secure and comfortable payment and shopping experience during travels and upon conducting international transactions.

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 travelers, 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 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 smooth process. At a small annual fee of KD 12, anyone aged 18 and older with an active KIB account, and who is a registered user of the Bank’s Mobile App, can easily apply, issue and start using the card within minutes. They also receive 50 Reward Points from KIB Rewards for the first card issued. Moreover, the card is accessible at all of KIB’s branches, ATMs and ITMs, as well as through the IVR service and Online Banking. 
It is worth noting that KIB constantly strives to meet the requirements of its customers and enhance their modern lifestyles by providing them with high-quality services and products. Also, as part of its digital banking vision and in line with its slogan “Bank for Life”, KIB remains committed to delivering excellence and convenience to its customers.