Kuwait Finance House (KFH) has unveiled a new money transfer service, Wave & Transfer, designed for iPhone and Android users in the region.

Claimed to allow Al-Ousra prepaid card holders to transfer money using their mobile devices easily, safely and instantly, the new service complies with the most advanced levels of service and international safety and quality standards.

KFH chief retail banking officer Mohamed Nasser Al-Fawzan said, "This new service is a step beyond the typical traditional way of transferring money and maintain KFH ‘s momentum in providing its customers with the latest technologies to award them a unique banking experience."

Al-Fawzan added that Al-Ousra prepaid card holders have one main card and up to six related prepaid sub-cards where the main card holder can transfer funds to the related cards accounts.

The Wave and Transfer process involves the primary holder signing up to KFH online application, choosing Wave & Transfer service among the services list. The supplementary device should also follow the similar steps.

The primary cardholder should then register and assign the supplementary device to his/her prepaid account for the first time.

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By GlobalData

Established in 1977, KFH offers a wide array of Islamic products and services with operations in the GCC, Asia, and Europe.