Faulu Bank launches new contactless cards with 3D security features

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NAIROBI, Kenya, May 24 – Faulu Microfinance bank has launched its new contactless card which now allows its users to tap and pay on the go.

The card is available to all bank account holders in Classic and Platinum variants and can be activated at any Faulu branch or any Faulu ATM nationwide.

Once active, customers can make ATM withdrawals of up to Shs 35,000 for Classic cards and up to Kshs 70,000 for Platinum cards. Additionally, users can swipe up to Shs 70,000 for Classic cards and up to Shs 200,000 at all Visa-branded merchants for Platinum cards.

Faulu Bank Microfinance Managing Director Apollo Njoroge said the contactless card offers a quick and convenient way to transact as it takes the fuss out of searching for cash.

“Plus, with the innovative 3D security features built in, it comes with extra security, making it safe and secure while still having the benefits of a regular card,” he said.

3-D Secure is hailed for its intelligence in detecting fraud and accelerating digital transactions with fast and secure authentication.

It enables information sharing for merchants to send a unique transaction count that allows the user to authenticate customers more accurately without prompting for a static password or slowing down transactions.

Unlike regular cards that users swipe or insert to complete transactions, contactless debit cards only need you to hold your card a few inches from a contactless payment terminal and payment information will be transferred .

The card has a built-in chip, emitting electromagnetic waves that connect to the terminal. Placing the card a few centimeters from the payment terminal will trigger the payment in a second or two.

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The 3D Secure feature of the new cards allows users to shop securely online on e-commerce platforms such as; Jumia, Glovo, Kilimall, Alibaba, Amazon, AliExpress-bay, etc.

For services, users can make payments on platforms like Netflix, Amazon Fire Stick, Google, Apple, etc. The security of these online transactions has been enhanced by sending a one-time PIN (OTP) to the customer’s registered mobile phone number before completing the transaction. .

“The beauty of using the Faulu Visa card is that there are no additional charges for shoppers using it at any Visa-branded outlets around the world, such as supermarkets, hotels , restaurants and gas stations, among others”, said Njoroge

Card users can access cash at Faulu ATMs, Verve/Pesa ATMs and all Visa-branded ATMs locally and abroad.

The bank has a customer base of over 400,000 customers.

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