The new card management system enables Chase Bank Kenya to grow its cards business by integrating omnichannel capabilities and enhancing fraud management systems. The solution, developed by OpenWay and WAY4 will support the issuance of prepaid, debit and credit cards — under the MasterCard and Visa brands.
The new card management solution will enable Chase Bank Kenya to grow its cards business, give the bank full control over its new product development process, decrease time-to-market, integrate omni-channel capabilities to enrich the customer experience and enhance fraud management.
In line with the growing presence of mobile money in Kenya, Chase Bank launched several card products which combine payment functionality and mobile wallet features, including supermarket loyalty cards, University ID cards with wallet features, and traveller cards with bonuses features, among other prepaid cards products.
According to the Central Bank of Kenya and the Communications Authority of Kenya, 76% of the country’s population is registered for mobile money (27.7m). USD 24 billion worth of funds was transacted through mobile money in 2014 and USD 101 billion since the introduction of mobile money in Kenya. The majority of adult Kenyans use mobile money for services ranging from P2P-transfers and bill payments, to donations, savings and loans.
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