ElectraCard Services (ECS), a leading provider of software and processing solutions for electronic payment systems, announced that the student prepaid cards program at Chase Bank, Kenya has been launched on the electra platform.
ECS is the technology and processing partner for the program and leverages its PA-DSS certified electraPREPAID platform to provide a seamless, safe and secure solution. The processing services for this program are hosted from ECS's world-class PCI-DSS certified data centre.
Chase Bank has partnered with UNISCOO (University Students Community Organization) to offer the MasterCard prepaid card to its members. The UNISCOO card will allow users to top up and shop at any MasterCard enabled physical or online merchant. Topping up the card can be done at any Chase Bank Branch as well as through M-Pesa and Airtel Money at no additional cost. The Card is aimed at giving the user an easy way to manage funds that is both convenient and secure.
The prepaid card also acts as an ID card for all UNISCOO members giving it an edge above those in the market. In addition to this, the card will act as a membership ID for all UNISCOO members and can also be used as an ATM card. With the UNISCOO Pre-paid MasterCard card students will have access to discounts at various partner outlets. The card will be available for purchase at Chase Bank branches as well as the UNISCOO offices at the University of Nairobi.
Mr. Ramesh Mengawade, CEO, ElectraCard Services said, "We are proud to be associated with Chase Bank in this initiative towards building a financially inclusive society. Our expertise in retail payments along with our PCI-DSS certified processing platform makes us aptly suited to meet the present and future requirements of our customers."
Mr. John Fernandes, Assistant General Manager, Chase Bank said, "As an organization, we are continuously increasing and enhancing our product portfolio to ensure our customers' extensive needs are met. Through a secure, efficient and cost-effective payment system to carry multiple currencies, the prepaid card will offer flexibility and reliability to our customers. The association with ECS will assist our customers s with technology that is safe, lucrative and designed by experts in the payments domain."
"The launch of the UNISCOO card is timely and very welcome as we work towards building a financially inclusive country. The population of 15 to 29 year olds in Kenya stands at about 26% of the population, therefore this step towards extending financial inclusion to the youth with a product that is tailored specifically to their needs is indeed a milestone for all of us, and is a sign that the financial sector continues to evolve in line with the needs of the market it serves," said Mr. James Wainaina, Vice President, East Africa and the Indian Ocean Islands, MasterCard.
Mr. Fernandes added: The UNISCOO card is a unique and target specific card that is powered by MasterCard. It is a tool of empowerment and a key to the financial freedom that every young person should have.