KUWAIT: National Bank of Kuwait (NBK) has received MasterCard’s award for "Driving E-Commerce Tokenization for Seamless Checkout” at the Mastercard EDGE 2023 forum which envisions the Future of Digital, Gateways & E-Commerce, held in Dubai on October 19.
The award is a testament to NBK’s leading endeavors in digital transformation, excellence in innovative digital services and ongoing investments in developing seamless and secure payment services and solutions.
The award was given based on fact that NBK was pioneer in tokenization enablement and processing across their merchants which helped in transforming online checkout experience to be easier and more secure.
Tokenization is a process that enhances the security of card payment transactions by replacing sensitive cardholder data with unique tokens. These tokens are used to represent the actual card information during payment processing, reducing the risk of data breaches and fraud. By using tokenization, sensitive card data is never exposed during the transaction process, making it significantly more secure. Even if a token is intercepted, it cannot be used to fraudulently access the cardholder’s account or make unauthorized purchases.
This enables seamless checkout which does not require customers to re-enter their sensitive card credentials during payments, thus allowing quicker and more secure payments, as consumers look primarily for safety and security whenever they shop.
NBK is a trailblazer in adopting the most advanced systems to enhance its banking network operations. It has a highly professional team and advanced programs that solidify its leadership as a provider of cutting-edge digital banking services and incorporating the digitization culture across all its operations.
It is also the first bank to introduce the latest technology in payments and instant transfers in Kuwait, including tracking transfers through its digital channels, namely NBK Mobile and Online Banking, as well as NBK Online Corporate Banking, enabling customers to check transfer status online in a quick and secure way.