BOV to launch contactless cards

Bank of Valletta is introducing contactless cards, with the bank promising an “incredibly easier” experience when paying with a BOV card at retail outlets.

Over the past months, Bank of Valletta has been rolling out new electronic point of sale devices (EPOSs) at main retail outlets and establishments across Malta and Gozo.

These new devices are enabled to accept contactless card payments.

“Contactless cards are the latest innovation in the world of card payments,” said Ivo Camilleri, Executive Electronic Payments.

“Contactless cards combine the security and peace-of-mind of chip-and-pin, with the ease of use afforded by wireless technology. Paying for a transaction becomes as simple as tapping your card over the card reader. Payments of up to €20 will just need to be tapped to the terminal without the need to enter the PIN to authorise the transaction. The positive experience afforded by contactless cards is set to transform the way we pay for low-value goods and services.”

Contactless cards offer significant benefits for the cardholder in terms of speed, convenience and security, the bank said.  With BOV contactless cards, neither the customer nor the retailer will be forfeiting his peace of mind when effecting payments with these cards, it reassured.

“With this investment, Bank of Valletta remains true to its core value of being customer-driven across all points of contact. We are once again harnessing the latest technology to provide both foreign and local customers with greater effectiveness, making payments as seamless and simple as possible,” Camilleri added.

Looking at the impact of contactless cards on the merchants, Chris Degabriele, Head Card Business within the Bank highlighted that contactless technology spells important benefits for the retailer as well.

“When processing payments with contactless cards, one sees a reduction in cash handling and the transaction time is significantly reduced,” Degabriele said.

“We are witnessing a consistent switch in customers’ preferred methods of payment. They are recognising the benefits of electronic payments and plastic money over cash and cheques. This response drives us to continue investing in enhancing a seamless customer experience, where one may use any channel to manage one’s banking and settle payments in the most efficient manner possible.”

In the short-term, Bank of Valletta shall be rolling out a plan to migrate its present card base to contactless cards and all cardholders shall be notified accordingly and information shall be made available as to their usage and security features.

For further details regarding BOV contactless cards, one may contact the Bank’s Customer Service Centre on 2131 2020, visit bov.com or inquire at a BOV branch.