MasterCard recently launched its “My Card,” the Middle East and Africa’s first multi-currency prepaid travel card, in collaboration with Bahrain-based Al Baraka Islamic Bank and Nonoo Exchange Company.
Consumers in Africa and the Middle East will now be able to load up to five different currencies onto the card, including the U.S. dollar, euro, Emirati dirham, British pound and Bahraini dinar.
Because My Card is offered in various currencies, consumers will not likely experience any fluctuations in the exchange rate, because the rate is guaranteed at the time of the card purchase. If cardholders spend in the currency of the card, they will not be charged exchange fees during card transactions or extra charges on exchange between the five various currencies.
“Over the years, prepaid products have become immensely popular with consumers in the [Middle East and Africa] region as they have been experiencing the multiple benefits of using this payment solution, especially while traveling overseas,” Kashif Sohail, a market manager for MasterCard’s Saudi Arabia, Pakistan and Emerging Markets division, said. “The region’s fast emerging affluent segment is a key target for the expansion of prepaid solutions; however, it is only prudent to develop products that specifically address the requirements of this niche consumer. My Card is a unique solution that offers the convenience and security of a prepaid card along with rewards and privileges that are usually not associated with similar products.”
Cardholders will be able to use the card at 34.4 million outlets and 1.9 million ATMs, as well as online, in stores and to withdraw cash. The card also provides members privileged access to certain events and destinations, merchant-funded discounts and shopping privileges.