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March 23, 2015

BankDhofar adopts EMV technology to enhance debit card security

Oman's BankDhofar has implemented the EMV chip technology, a global standard for credit card and debit card payments, which includes high security features and enhanced services to avoid fraud risk and scam.

By Verdict Staff

Oman’s BankDhofar has implemented the EMV chip technology, a global standard for credit card and debit card payments, which includes high security features and enhanced services to avoid fraud risk and scam.

BankDhofar marks as the first bank to join Central Bank of Oman (Oman Net Switch) for its debit card issuance, Point of sale terminal (POS) and ATM.

The new offering enables account-to-account transfer of up to OMR5,000 ($12,987) from BankDhofar to other local bank accounts by entering the beneficiary card number in the ATM.

The technology features payment instruments with embedded microprocessor chips that store and protect cardholder data.

As part of the move, BankDhofar is planning to launch chip-based cards to further enhance the security of ATM cards as well as ensure global interoperability of its cards.

BankDhofar acting CEO Abdul Hakeem Al Ojaili said: "The launch of EMV technology is yet another initiative by BankDhofar to further enhance our customer experience and to add to the security of the cards and the convenience of using them in ATMs and POS.

"We will start issuing VISA debit chip-cards for our customers in all BankDhofar branches across the Sultanate through the instant issuance system. Card-technology," he added.

Furthermore, BankDhofar has an extensive network of Cash Deposit Machines (CDM) to further ease transactions that maintain an account with the bank, credit card payment, American Express card payment and cheque deposit.

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