Kuwait's National Bank launches Google Pay for customers
NBK cardholders will be able to store NBK Credit and Debit cards with Google Wallet.
National Bank of Kuwait (NBK) has launched Google Pay for its customers to enable NBK Cardholders to adopt contactless payments and digital card storage. It will be available for both Android and Wear OS devices.
NBK Cardholders will be able to store NBK Debit and Credit cards within Google Wallet which is concurrently launching in Kuwait, and make contactless payments, according to a press release.
Along with payment cards, cardholders can also save and access loyalty cards, boarding passes and event tickets in the Google wallet. Kuwait is now one of the 60 countries where Google Wallet is available.
In December 2022, Mastercard said it is launching Apple Pay to its customers in Kuwait. NBK launched the first contactless payment solution in Kuwait in 2020 with Fitbit Pay.
As per a report by Global Data, the cards and payments market size in Kuwait was estimated to be $97.1 billion in 2022. The market is projected to achieve a compound annual growth rate (CAGR) of more than 12% during 2022-2026.
The launch of Google Pay and Wallet in Kuwait is an indicator that the Middle East is adopting newer and digitised forms of payment instead of being heavily cash-dependent. As per a McKinsey report of 2021, Middle Eastern consumers strongly preferred digital payment methods and only 10% showed a strong preference for cash.
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Edited by Affirunisa Kankudti
