I&M and MasterCard have unveiled a multi-currency prepaid, allowing users to carry three international currencies – US dollars, British pounds and euros – on one card.
According to I&M Bank chief executive Arun Mathur the product has been created to offer customers value, convenience and security when carrying out transactions.
“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,” he said.
Users can convert currency when necessary, access ATM transactions and obtain platinum insurance benefits.
Cardholders are able to load up to US$10,000 or equivalent in pounds or euros, which they can upload multiple times when travelling.
“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,” added Mathur.
MasterCard says the increase of such products will enable people on the continent to make payments quickly and efficiently on a number of websites locally and internationally.
“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. 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,” said MasterCard Vice President and Area Business Head for East Africa, James Wainaina.
Another partnership between the two companies allows card users of I&M Bank to access over 34 million MasterCard point of sale terminals in 210 countries and other available services to MasterCard users such as card replacement, cash disbursement and easier reporting of lost or stolen cards.
