The Multicurrency Prepaid Platinum will enable cardholders to instantaneously use different currencies without the necessity for physical presence at currency exchange offices.
Frank Molla, the Country Director of Mastercard said the institution is committed to driving people’s engagement into the cashless economy the multicurrency card is one of the solutions towards effective implementation of these efforts.
“We applaud the excellent work I&M bank is doing in an effort to provide a safe and secure product that will transform payments for their customers locally and internationally,” he said.
“Users of this card who often travel abroad can use it for payments to over 5 million points worldwide. Locally, we shall collaborate with the Central Bank and I&M Bank among other interested stakeholders to achieve more,” added Molla.
Molla explained that the card was effective is countries where it was tested during the pilot phase like Singapore, Malaysia, Dubai, and Kenya.
The Managing Director of I&M Bank Rwanda Plc, Robin Bairstow said that the card will not only be effective in cashless solutions but will enable users to get discounted payments.
“As a Bank, we are pleased to be starting off this journey with the launch of our Mastercard Multicurrency Prepaid Platinum card.
"In this regard, I am pleased to announce to you that we have decided to give our customers an early bird discount of 50% discount on card issuance in the first 3 months to reaffirm our pledge to achieve cashless solutions,” he revealed.
The card offers users the possibility to load up to 15 currencies, gives them access to more than 1000 airport lounges, discounts in luxurious hotels and apartments, access to platinum insurance benefits that cover card fraud protection.
“To confirm our claim, we are happy to report that the product we unveil to you today has so far been a product to a selected group of users who have managed to generate over 1,000 transactions in 15 countries across the globe,” noted I&M Bank MD.
He reiterated that I&M Bank is committed to continuously improve products and services and adding new ones that will both meet and exceed customers’ expectations.
I&M Bank last year introduced a free money transfer known as Spenn that has attracted over 300,000 users. It has also launched mobile ATMs and cash deposit machines.
The owner of the Multicurrency Prepaid Platinum card is directed to a portal where he/she navigates through different choices.
A user can prefer to use instantaneously RWANDAN Francs, Yen from China, US dollars, Pounds, Euros, and CFA from Western Africa.
The six currencies can be saved on one card simultaneously with the support of I&M Bank. A customer having Rwandan francs on the card can individually make exchange into foreign currencies following steps recommended during the first time picking the Multicurrency Prepaid card. Funds can be transferred for free without physical presence at the bank.
The card has been discounted to Rwf 17500. It usually costs Rwf 35 000.
To get the card, one is required to fill a form at I&M Bank.
Users of the card can make payments at over 50 million points of sales within over 210 countries worldwide.
In case of loss, the bank helps the cardholder to withdraw waiting to get a new one.