Saudi Arabia-based Alinma Bank, a partner of Visa since the bank’s launch in the Kingdom in 2009, has been recognized for having the best performing Visa debit card portfolio in the Kingdom of Saudi Arabia (KSA).
Alinma was the first bank in KSA to provide its partners (customers) with visa smartchip-enabled debit cards that are instantly issued at all branches immediately upon opening an account. This allows partners to benefit from the full range of Visa debit card products that are EMV standard compliant, which means that the smartcards contain a metal chip with integrated circuits, memory and security features, that ensure the safety of withdrawals from ATMs, purchases at points-of-sale (POS), and purchases online, both inside and outside the Kingdom.
Thanks to this added value and Alinma’s delivery of exemplary customer service, the bank’s debit cards have performed outstandingly, posting the highest percentage of purchase volume on debit cards in KSA, at more than 35%. Holders of Alinma debit cards have also received benefits made available exclusively by Alinma, for the first time in the Kingdom. These include instant discounts from retailers and other and other special offers related to hotel stays, car rentals, and online purchases. The Alinma debit card also allows partners to activate and deactivate the card’s online purchasing feature (CVV2), adding a crucial layer of additional security when shopping online.
Speaking about the bank’s debit card performance, Mr. Abdulmohsen Al-Fares, CEO of Alinma Bank, highlighted the strength of the bank’s partnership with Visa. “Alinma is proud of its ability to deliver services through such an esteemed partner as Visa,” said Al-Fares. “Through our partnership, we have pioneered electronic payment services in the Kingdom and we look forward to providing exemplary service, value, convenience, and benefit to our partners.”
Ihab Ayoub, General Manager – Middle East and North Africa at Visa, said: “We are pleased with our partnership with Alinma Bank and the success of its burgeoning debit card portfolio, which speaks volumes of our fully-integrated debit program. We look forward to continue to work closely with Alinma Bank to develop payment solutions suited to the distinct characteristics of their debit portfolio and business objectives. The success is a testimony to our extensive research aimed at understanding the needs and wants of today’s customer.”
Ahmed Gaber, Country Manager – KSA at Visa, said: “Saudi Arabia is one of the most important countries for Visa in the region, given the size of the market and high number of Visa card users. Our partnership with Alinma allows us to offer all debit card users a world-class technology that provides them unmatched benefits. Visa cards are accepted at tens of millions of merchants allowing consumers to pay directly with funds from a checking or bank deposit account for goods and services in a safe and convenient method.”
Alinma Bank operates 92 branches throughout the Kingdom. The bank also provides its partners with a full range of 24/7 e-services including Alinma Internet (www.alinma.com), Alinma Mobile, Alinma Phone (8001208000) and a kingdom-wide network of 732 ATMs. Through these channels, Alinma delivers a comprehensive array of Shariah-compliant banking and financing services including home, auto, education and personal financing in order to meet the growing needs of its partners.
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks —VisaNet — that is capable of handling more than 24,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.