BMI Bank Ltd. has signed an agreement with bank-technology vendor Sinnad Co Ltd for the delivery of chip-based Diners Club credit cards, the Bahrain-based bank announced May 31. Terms were not disclosed.
Sinnad also will support the backend system to monitor and manage the risk associated with electronic transactions initiated with the cards, according to a press release.
BMI will begin to issue the credit cards by September across the bank’s operations in the Gulf Cooperation Council and Africa, which includes Bahrain, Qatar, Kenya and Seychelles, a bank official tells PaymentsSource.
The bank expects a higher uptake and card use [than magnetic stripe cards issued by other banks] because the chip-embedded cards will help to minimize fraud and improve card acceptance, he says.
Customers will be able to use the credit cards across 185 countries and at 14 million merchants and 750,000 ATMs, the official adds.
Sinnad is a joint venture formed by Dubai-based payments provider Network International LLC & Bahrain-based financial services provider The Benefit Co.
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