EMV-based multinational loyalty coalition to launch
A Kuwaiti company is broadening its focus from investment banking into providing a coalition loyalty programme that will speed up banks' conversion to EMV in more than ten countries.
A new multi-national coalition smart card incentives system, SelektPoints, is to be deployed in several countries before the end of 2006. The cross-border system will provide loyalty points and electronic vouchers using the SCTN loyalty system.
Menalco, the owner of the SelektPoints brand, is one of three new Bahrain based companies formed by TII (The International Investor), a Kuwaiti company established in 1992 by institutional and private investors that is now broadening its business focus from investment banking to a more diversified array of financial services to be offered on a regional basis.
Expansion planned According to TII's chairman, Adnan Abdulaziz Al Bahar: "We are confident that enhancing a bank's Europay, Mastercard and Visa business case will allow us to secure several major banks in more than ten countries within the next twelve months. We plan that a minimum of two million cardholders and more than five thousand merchants will be using SelektPoints as their single insertion, bank card riding solution by the end of 2006."
And according to Robert Buchan, Menalco's CEO, "We have had the CEO of one of the largest banks in India tell us that we are the first loyalty company to come to them with a sound business model allowing them to move to EMV."
Background Phoenix Technology Holding provides hosting, development, sales, client implementation and system support for financial services products and other products and services globally.
Smart Chip Technologies' turnkey customer retention solutions enable issuers, acquirers, and merchants to take use real-time programmes on their cardholder's existing cards using bar codes, magnetic stripes, smart chips, RFID, Internet accounts, and other consumer electronic devices.