MasterCard has teamed up with I&M Bank to introduce the first MasterCard-branded, multi-currency prepaid travel cards in Sub-Saharan Africa. The card 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.
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.
Arun Mathur, I&M bank chief executive, said, “By having three of the world’s main currencies on the card we’re providing frequent travellers with the convenience they need when traveling and removing the charge they used to incur for making transactions in foreign transactions in foreign currency.”
MasterCard added that 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.”
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