BOV's credit card is 20 years old

Twenty years ago, Bank of Valletta launched the first credit card on the local market - the BOV Visa Classic card.

It was April 3, 1987, when Bank of Valletta took the leading stance by introducing what was then an innovative and ground-breaking product that aimed to revolutionise the way consumers paid for goods and services, both locally and abroad. The 1987 BOV Visa Classic Card had three main functions - the card could be used as a cheque guarantee card, a cash card and a credit card.

Since then the BOV card suite has expanded to include both debit and credit cards. Furthermore, each type of card has been diversified to provide the end user with a host of benefits and added value services. The BOV debit card range includes the Cashlink Visa and Visa Electron, while the credit card range also comprises premium cards such as the BOV Visa Platinum Card and the BOV Visa Gold Card.

"We are delighted to mark this important milestone in our banking history. Indeed, it is fascinating to look back and witness the way that banking has changed over the past 20 years," said John Soler, chief officer responsible for credit at Bank of Valletta. "Today, the majority of our customers have a card in their wallet. More and more people are choosing to pay for their purchases with either a debit or a credit card. Over the past five years alone there has been a dramatic increase of over 45 per cent in the number of card transactions carried out by BOV cards, both locally and abroad," Mr Soler explained.

"While many people link credit card usage directly to travel, we are seeing an increasing number of customers who are also using their cards for everyday purchases such as shopping in supermarkets, the payment of utility bill payments, and dining, among others," he added.

"Looking ahead, Bank of Valletta is constantly seeking new windows of opportunity to render card payments as straightforward and efficient as possible for both the retailer as well as the customer. To this end, substantial investment has been made to improve technology and upgrade to systems that can also handle 'Chip and PIN' transactions.

"Furthermore, Bank of Valletta looks forward to retaining a leading edge through continuous innovation directed at delivering a prompt and reliable service for the mutual benefit of consumers and retailers."