Every active account holder will receive a Mastercard debit card. The difference between a credit card, and a debit card is the debit card subtracts the purchase directly from the account. If there is not enough funds, then the charge is declined. All cards will have a black background with the KNB logo on the left side of the card. The EMV chip will be on the front right hand side.
The back of the card will be blank with exception of the customer’s name. This is security. This means a bad actor stealing the debit card will not get the debit card number. So what if the account owner needs the debit card’s numbers? Well, they will either log into their bank account via the web, or use the banking app. They will then be able to view their account number information, and can even copy the card number if this was necessary. Since transactions in Kaldus is all digital, and secure with EMV or NFC – this means the account is more secured than most other cards that would have the card number, and information on the card.
In addition, the debit card will support EMV chip transactions, and NFC transactions, but there will be no magnetic strip that is typically found on the back of cards. This might be an hinderance when traveling outside of Kaldus, but the removal of the magnetic strip assures that the number is not acquired. No company in Kaldus will be allowed to accept magnetic strip transactions, even with foreign customers. EMV and/or NFC are the only options for payments.
The bank customer can also use their ID card to make local transactions. As with the acceptance of Mastercard, a Kaldan business must accept the Kal-Pay which will be used through the ID card. This is a direct to bank transaction, therefore bypassing the Mastercard network, and therefore a lower cost to the merchant. The ID card can be used with an EMV terminal, or NFC Payments.