I&M Bank has announced a partnership with MasterCard that will see the introduction of the first ever MasterCard branded multi-currency Prepaid travel cards in Sub-Saharan Africa.
The I&M MasterCard multi-currency Prepaid cards 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.
Speaking during the launch of the card, I&M Bank’s Chief Executive Arun Mathur hailed the benefits of the new card, saying the multi-currency function would give cardholders the flexibility needed when travelling to different parts of the world.
“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,” said Mr. Mathur. “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.”
“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,” said MasterCard Vice President and Area Business Head for East Africa, James Wainaina, at the card launch. “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.”
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.
