Convenience used to be the biggest feature of debit and prepaid cards. While it still is, debit and prepaid cards now cover almost every aspect of how customers want to spend their money or redeem their rewards.
A recent collaboration between Ajman Bank and MasterCard has seen the launch of the first debit card in Ajman that is structured as per the Islamic principles of Qard Al Hasan and is 100 per cent Sharia-compliant. Eyad Al Kourdi, UAE Country Manager, MasterCard, said at the launch that its relationship with Ajman Bank underlines the growth of electronic payment solutions in the UAE. “At MasterCard, we acknowledge the desire of consumers to select customised payment solutions that best address their requirements. We are committed to developing innovative products that meet the lifestyle needs of local consumers.”
Mashreq allows customers to earn Salaam points on its debit cards. The premium version of the card also offers a great travel offer: buying an air ticket or travel package with a Mashreq Platinum Debit Card entitles the customer to get free travel insurance with emergency medical expense cover and wallet protection. The Dubai Islamic Bank Visa Signature Debit Card offers benefits usually associated with credit cards. The card comes with priority customer service and concierge services.
In other launches this year, United Arab Bank’s new increased security debit cards feature EMV chip and PIN, combining technology with an array of features. Emirates Islamic Bank’s prepaid cards are easy to use with minimal documentation.
Access Prepaid Worldwide, a MasterCard company, says it sees potential for the growth of prepaid cards in the Middle East, especially in the UAE. Alan King, MD — Europe, Middle East and Africa, Access Prepaid Worldwide, says, “Demand for prepaid cards is growing steadily. With leisure and business travel booming across the region, Access’ multi-currency prepaid travel card is allowing banks, exchange houses, airlines and others to deliver real benefits to travellers.”
Los Angeles-based TransCash Corporation also foresees domestic growth of prepaid cards. In October, the company launched the TransCash MasterCard Prepaid Money Sharing Card in the UAE that facilitates money sharing from card to card. “The cards are especially designed for guest workers who do not have a bank account and want to send money home,” says Ali Al Ghaith, MD of local partner Manayer Electronic Cards Trading. n
