In light of the technological advancements of the last few decades and the plunge into electronic and online services, banks have made no exception in their stride towards modern and improved banking solutions. At a time when cash no longer is king, plastic money has become a necessity especially in the UAE, where card swiping has become the preferred method of paying.
RAKBANK Prepaid Cards are the latest financial solution from RAKBANK to offer a smart and modern alternative to cash. They are particularly useful for residents without a Bank account and consequently, a debit or credit card, including students, stay-home mothers and new UAE residents. RAKBANK’s two new MasterCard Prepaid Cards, RAKBANK Loaded and RAKBANK Bling, are reloadable Cards that can easily be topped up with money and used at any merchant outlet that accepts MasterCard Cards globally, including online merchants.
Available to both banking and non-banking customers, RAKBANK Prepaid Cards are superior to cash because they are safer, more convenient and work anywhere, even online, without the hassle of currency conversions. While sharing the benefits of Credit and Debit Cards, RAKBANK Prepaid Cards go the extra mile to encourage financial discipline by customers allowing them to spend only up to the amount loaded on the Prepaid Cards. The Cards, in turn, are not linked to any current or savings account and therefore are available to everyone. Not only are they an efficient way of storing cash, but they also allow for unlimited cash withdrawals, online payments, and point of sale purchases whether locally or during travel. RAKBANK Prepaid Cards come with a host of lifestyle and entertainment privileges, as well, from over 50 outlets in the UAE.
“The launch of RAKBANK Prepaid Cards is a major leap forward in the local banking industry and RAKBANK is delighted to be at the forefront of this new offering,” said Graham Honeybill, RAKBANK General Manager. “RAKBANK Loaded and Bling Prepaid Cards aim to satisfy a growing need in the market for alternative banking solutions for those who, for one reason or another, do not currently have a bank account, but would still like to take advantage of the privileges that accompany plastic money.”
The advantages of RAKBANK Prepaid Cards are numerous and are especially beneficial for people who do not earn a monthly salary, such as students and stay-home mothers, where they can help budget children’s spending and household expenditures. Additionally, prepaid cards offer UAE visitors and new residents a more efficient solution to using credit and/or debit cards issued in their native countries by giving them the opportunity to benefit from zero currency exchange fees.
From March 1st to May 31st, holders of RAKBANK Prepaid MasterCard Cards are given the chance of being one of 50 lucky winners per month to enjoy an AED 500 prize. Upon loading their card, customers immediately enter into the draw and also receive an AED 50 voucher from www.smartshop.ae, an online shopping site.
Eyad Al-Kourdi, vice president and country manager, UAE, MasterCard Worldwide commented: “In recent years, prepaid has gained significant traction as a new payments category with great potential in the Middle East, including the UAE. Prepaid cards offer cardholders more convenience, flexibility and secure access to funds. It also provides a valuable and cost effective financial inclusion tool for underbanked consumers and enables them to supervise their spending, budgeting and bill payments, thereby simplifying their money management process. As a global leader in prepaid, MasterCard continues to work closely with customer financial institutions to develop innovative prepaid products and solutions for consumers’ evolving needs”.
RAKBANK Prepaid Card can be loaded and reloaded with cash easily either through depositing cash in a RAKBANK Electronic Deposit Machines (EDMs) or by making a payment at any of the Bank’s Exchange House partners, including: UAE Exchange, Al Fardan Exchange, Redha Al-Ansari Exchange, Wall Street Exchange, Al Ansari Exchange, Sharaf Exchange and Al Razouki Exchange.
Additionally, if a Prepaid Cardholder has an existing RAKBANK Account or Credit Card, then the customer can use RAKBANK’s Online Banking or Phone Banking services, or any RAKBANK Automatic Teller Machine (ATM).
Applicants for RAKBANK Prepaid MasterCard Cards do not need to have a RAKBANK account and can easily apply for a Prepaid Card by completing the online application form on the RAKBANK website, www.rakbank.ae, or by visiting any of the Bank’s branches in the UAE.
RAKBANK Prepaid MasterCard Cards are launched with the support of ElectraCard Services (ECS), a leading provider of software solutions for electronic payment systems.