MasterCard launches first MyCard in ME
Manama, December 16, 2012
MasterCard, the global payments and technology company has launched ‘My Card’, the world’s first MasterCard Platinum Prepaid Travel Card in the Middle East.
My Card, which is also Middle East and Africa’s (MEA) first multi-currency prepaid travel card, has been introduced in collaboration with Al Baraka Islamic Bank and Nonoo Exchange Company in Bahrain.
With it, consumers can now load up to five foreign currencies that include the US Dollar, Great Britain Pound, Euro, Emirati Dirham and the Bahraini Dinar, a statement from MasterCard said.
One of the major concerns for consumers while traveling overseas is the inconsistency in the exchange rate offered by various financial institutions. However, as My Card is offered in foreign currencies, no currency fluctuation will be experienced by consumers as the exchange rate is guaranteed at the time of card purchase thereby giving cardholders complete control over their finances.
Furthermore, no additional exchange fee during transaction will be levied if cardholders spend in the currency of the card and no mark ups will also be charged on exchange between the five currencies, the statement said.
Kashif Sohail, market manager, Saudi Arabia, Bahrain, Pakistan and Emerging Markets, MasterCard Worldwide, said: “Over the years, prepaid products have become immensely popular with consumers in the MEA region as they have been experiencing the multiple benefits of using this payment solution, especially while traveling overseas.”
“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,” he said.
In addition to a host of benefits for managing multiple currencies with one prepaid card, the cardholders will also enjoy global acceptance through 34.4 million outlets and 1.9 million ATMs, wherever the MasterCard and Maestro logos are applied. Cardholders can also use My Card to shop online, purchase in stores and withdraw cash.
With an objective to match the discerning lifestyle of the affluent consumer, My Card also offers privileged access to events, destinations, merchant funded discounts, shopping privileges, personal protection and other unique experiences, the statement said.
Consumers can purchase and recharge their My Card MasterCard Platinum Prepaid Travel Cards from all Al Baraka Islamic Bank and Nanoo Exchange Company branches in Bahrain. – TradeArabia News Service
More Finance & Capital Market Stories
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project
- KFH completes ICT project upgrade
- Egypt urban annual inflation slows to 9.8pc
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai