RegardingID Archive | Malaysian debit card follows Islamic law

Thursday, June 5, 2008

EONCAP Islamic Bank, a subsidiary of EON Bank Bhd, has unveiled the first Islamic debit card offering a contactless payment option. The bank plans to issue 70,000 of the cards in Malaysia in the next year.

While the card will be marketed to both Muslim and non-Muslim clients, it is meant to have special appeal to strict followers of Islam. The card follows Syariah principles, and therefore cannot be used in purchases involving alcohol or gambling.

The debit MasterCard is PayPass-enabled and is embedded with an EMV chip. It can be used globally in more than 26 million locations and can also function as an ATM card.

Survey: Germans coming around to NFC, contactless payments

A new survey from Euro Kartensysteme shows that Germans are starting to embrace the idea of contactless and NFC payments.

Out of 1,040 Germans aged 18-59, 43% responded that they would like to make contactless payments if given the opportunity, of which 58% percent would make their payments with a debit card card, 41% with a credit card and 50% with an NFC phone.

SHAZAM chooses Adaptive Payment mobile POS app

SHAZAM, a member-owned and -controlled EFT network and processor, has chosen Adaptive Payments’ Pentagon mobile POS payments application. With the Pentagon platform, merchants can accept PIN debit, signature debit and credit transactions from iPhone and Android phones and tablets.

Malaysia to forego biometrics for upcoming election

The Malaysian Election Commission has decided to forego the use of the biometric voter verification system for the country’s upcoming elections, according to an article form The Star.

Proxama, ARM partners for m-payments

Proxama has announced a partnership with semiconductor supplier ARM Holdings to create secure payment mechanisms for mobile handsets.

The UK-based partners say they will combine ARM’s TrustZone technology with Proxama’s Mobile Wallet to develop a “highly secure” environment for NFC-enabled mobile contactless payments and mobile internet payments.

Visa's mobile banking suite leaves room for NFC

Visa, in partnership with Monitise, has launched a suite of new mobile financial services on its revamped Debit Processing Service platform, enabling mobile phone users to check their account history and balances, transfer funds between accounts, and receive real-time transaction alerts.

Datacard Group, Device Fidelity partner for mobile payments

Datacard Group, a provider of secure ID and card personalization solutions, has announced an equity investment and strategic partnership with DeviceFidelity, makers of the In2Pay mobile payments solution.

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Malaysian debit card follows Islamic law