January 7, 2009 - 6:14am
In the Kingdom of Saudi Arabia Al-Rajhi Bank, the largest Islamic bank in the world in terms of market capitalization, is going to install new ATMs to accept chip-cards based on international standards. The project is initiated in association with Visa who provided the bank with all corresponding support.
Due to Visa's technical and consultancy assistance all card transactions any of the Al-Rajhi Bank ATMs can be shifted to chip technology which is considered to be more secure than magnetic stripe. The sources report that the chip-card accepting ATMs will be located at malls, streets, petrol stations, hospitals, airports and hotels. However, the ATMs will still be accepting cards without a chip.
"We have installed dozens of new ATM machines around the country, as part of our ongoing investments in technologies, and commitment to providing excellent banking services. We are confident that our sophisticated banking network will be very useful, as chip-card holders can withdraw money directly from their Visa credit or debit cards and do not have to carry travelers checks," said Saleh Ibrahim Al-Furaih, head of credit cards at Al-Rajhi Bank.
Due to Visa's technical and consultancy assistance all card transactions any of the Al-Rajhi Bank ATMs can be shifted to chip technology which is considered to be more secure than magnetic stripe. The sources report that the chip-card accepting ATMs will be located at malls, streets, petrol stations, hospitals, airports and hotels. However, the ATMs will still be accepting cards without a chip.
"We have installed dozens of new ATM machines around the country, as part of our ongoing investments in technologies, and commitment to providing excellent banking services. We are confident that our sophisticated banking network will be very useful, as chip-card holders can withdraw money directly from their Visa credit or debit cards and do not have to carry travelers checks," said Saleh Ibrahim Al-Furaih, head of credit cards at Al-Rajhi Bank.