The prepaid cards will allow cardholders to carry three currencies, including U.S. dollars, British sterling pounds and euros, on a single card.
I&M Bank CEO Arun Mathur highlighted the benefits of the card, saying the multi-currency availability would provide cardholders with flexibility when traveling around the globe.
“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,” Mathur said. “By having three of the world’s main currencies on the card we’re providing frequent travelers with the convenience they need when travelling and removing the charge they used to incur for making transactions in foreign currency.”
The payments technology will allow card users to access more than 34 million MasterCard point-of-sale terminals in more than 200 countries, as well as provide cardholders with access to core card services, including cash disbursement, lost or stolen card reporting and card replacement.
“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,” James Wainaina, the vice president for MasterCard and area head for East Africa, said. “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.”
Cardholders will also have the ability to convert currencies if necessary and access MasterCard ATMs. The cards also offer card fraud protection and purchase protection, and cardholders will be able to load up to $10,000 or the equivalent.
“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,” Mathur said.
The card will be available for both non-customers and customers at all I&M Bank branches around the country.