I&M Bank has announced a partnership with MasterCard that will see the introduction of the first ever MasterCard branded multi-currency Prepaid travel cards in Sub-Saharan Africa.
The I&M MasterCard multi-currency Prepaid cards will enable cardholders to carry three currencies, namely: U.S. Dollars, Sterling Pounds and Euros on a single card, while at the same time offering users a secure and convenient mobile wallet at a time when the world is moving more towards cashless transactions.
Speaking during the launch of the card, I&M Bank's Chief Executive Arun Mathur hailed the benefits of the new card, saying the multi-currency function would give cardholders the flexibility needed when travelling to different parts of the world.
"The I&M multi-currency Prepaid card is a revolutionary product which aims to provide consumers with value, convenience and security when carrying out transactions," said Mr. Mathur. "By having three of the world's main currencies on the card we're providing frequent travellers with the convenience they need when travelling, and removing the charge they used to incur for making transactions in foreign currency."
I&M Bank has partnered with MasterCard to provide the payments technology, effectively allowing the card's users access to over 34 million MasterCard Point of Sale terminals in over 210 countries. As a result of the partnership with MasterCard, cardholders will also access all core card services globally such as card replacement, cash disbursement, and lost/stolen card reporting.
"The market has woken up to the reality of cashless transactions, and we are seeing a substantial shift in consumers' approach to using cards over cash," said MasterCard Vice President and Area Business Head for East Africa, James Wainaina, at the card launch. "With such products being released into the market MasterCard's vision of 'A world beyond cash' is becoming a reality, and with it we hope that consumers will see the value, security and convenience that cashless transactions offer."
Other benefits and features of the I&M multi-currency Prepaid card include: conversion from one currency to another when necessary, access to MasterCard Point of Sale and ATM transactions, as well as platinum insurance benefits which cover card fraud protection & purchase protection. In addition, cardholders are able to load up to 10,000 USD or equivalent.
"Cardholders can load up to 10,000 USD on each wallet, or this equivalent in Pounds or Euros, with the possibility of multiple uploads, thus removing the need to carry or convert cash when travelling" said Mr. Mathur.
"In a world where trade has become global and people are no longer confined to working from one geographical location or transacting in one currency, the launch of this card in partnership with MasterCard becomes another step towards taking financial services from local to global."
The introduction of the I&M Bank MasterCard multicurrency Prepaid card will also provide ease for many Kenyan shoppers that are looking to make their purchases online. The use of the card will allow consumers to make payments quickly and efficiently on a large number of secure websites- both Kenyan and international.
MasterCard has been instrumental in driving the conversation to cashless transactions both locally and around the world, and continues to support the development and introduction of products that promote the use of Prepaid, debit and credit cards in line with its vision of a world beyond cash.
The card will be available at all I&M Bank branches countrywide. The card is available to both customers and non-customers of I&M Bank - all one needs to do is buy the card, load it and use it!