Interswitch Group, an Africa-focused integrated digital payments and commerce company, has announced its partnership with Kenya’s Credit Bank to launch a multi-currency prepaid card.
The card is a contactless touch and go card that can be used in restaurants, filling stations, stores, or to pay for services anywhere in the world. It can also be used on ATMs to withdraw funds. The card has a Chip and PIN enabled to ensure secure online transactions.
The prepaid card is similar to a debit card but does not require an account attached to it. It is value-based, such that customers can only spend the loaded amount on the card at a time. The card is considered ideal for everyday payments like utility payments or travelling expenses.
Credit Bank’s new collaboration with Interswitch further advances the digital payments’ ecosystem across Africa. The partnership is expected to boost Interswitch’s issuing business, further enhancing the company’s leadership position in the financial services industry on the continent.
What they are saying
Speaking on the development, Romana Rajput, Country General Manager, Interswitch Kenya stated that:
- “This is definitely a boost to Interswitch’s issuer-support & third-party processing business. We have been around for a while and we intend to keep entrenching digital payments in East Africa and across Africa as a whole. Now, customers will have access to the prepaid cards without necessarily having a bank account. The card can be funded through mobile money and it is widely accepted by merchants for payments and at the ATMs for withdrawals.”
Mr Jack Ngare, Credit Bank Director submitted that:
- “It is our aim to provide our customers with the control and confidence they need to manage their money smartly. Membership of the Visa network will allow the cardholders to use it worldwide for payments and withdrawals, and to transact safely online and at ATMs.”