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 the My Card MasterCard Platinum Prepaid Card, consumers can now load up to 5 foreign currencies that include the US Dollar, Great Britain Pound, Euro, Emirati Dirham and the Bahraini Dinar.
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.
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.”
He added: “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.”
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 ATM’s, wherever the MasterCard and Maestro logos are applied. Cardholders can also use My Card to shop online, purchase in stores and also 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 many other unique experiences.