SOURCE: Welcome

March 27, 2006 14:04 ET

Kazkommertsbank's GO!Card Provides an Exciting Payment Experience Thanks to Welcome's XLS

AIX-EN-PROVENCE, FRANCE -- (MARKET WIRE) -- March 27, 2006 -- Welcome today announced that Kazakhstan's largest bank, Kazkommertsbank, has chosen XLS to launch their new GO!Card credit card.

GO!Card is an innovative credit card product designed to stimulate spending with the use of enhanced payment features such as bonus points accumulated instantly on the card's chip, which can then be spent at any participating merchant location. The amount of bonuses provided differs from merchant to merchant and could be up to 20% of the total purchase amount at some locations.

"Kazakhstan is a few years ahead of other former Soviet republics in terms of development of its financial sector," said Philippe Bontemps, Welcome's EMEA regional director. "Kazkommertsbank's desire to optimize their EMV card launch shows how dynamic and leading edge the financial sector is in Kazakhstan. We expect that neighbouring countries will closely watch the development of Kazkommertsbank's GO!Card."

"When deciding to do enhanced payment, the choice of XLS was obvious because XLS doesn't impact the existing payment systems and infrastructure but rather extends them by enriching the payment process," explained Inessa Yespenbetova, director of cards department at Kazkommertsbank. "Furthermore, the full range of functionalities offered by this industry-proven solution corroborated our decision."

In 2005 GO!Card (www.gocard.kz) was launched in Astana and Alamaty. The launch in other regions of Kazakhstan is scheduled this year.

About Welcome

Welcome is the world's leading provider of payment software that utilizes the full capabilities of EMV standard (Europay-MasterCard-Visa) chip credit and debit cards to create a much more exciting and richer payment experience. Payment commoditization, resulting in rate wars and fee reforms, has recently been shown to cost banks five to ten times more than fraud. EMV cards without Welcome's software can only combat fraud, whereas the same cards with Welcome's software can also fight commoditization, for essentially the same cost as fraud alone. Welcome recently won 'ROI of the Year Award' from The Banker magazine. The company works with major banks and financial institutions around the world. Welcome is headquartered in Aix-en-Provence, France, with offices and R&D facilities in Singapore, London, Philadelphia and Sao Paulo. For further information visit: www.welcome-rt.com.

About Kazkommertsbank

Established in 1991, Kazkommertsbank is the largest private, full-service bank in Kazakhstan with total assets of 8.9 billion USD as of 31 Dec 2005. KKB is the leader of card business on Kazakhstan market. As at 1 December 2005, the Bank had 387 thousand cardholders and its acquiring network include 2,200 point-of sales terminals and 375 ATMs established. Share of non-cash transactions made by KKB cardholders at merchant network for the first 9 months of 2005 amounted to 30% of total volume of non-cash transactions made by cardholders of cards issued by all banks in Kazakhstan.

Contact Information

  • Contact:
    Deb Montner
    Montner & Associates
    203-226-9290
    Email Contact