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MANAMA: BMI Bank yesterday launched a generic multipurpose prepaid card and an Internet prepaid card in partnership with MasterCard.

The multipurpose prepaid card can be used for purchases both locally and internationally on point of sale machines as also to pay utility bills online, while the Internet prepaid card is designed specifically for online purchases offering customers added safety and security.

Cash withdrawals are possible on ATMs having the MasterCard logo.

Customers can top up their cards at the bank's branches as well as by depositing cash at the bank's special cash deposit ATMs and will also be able to utilise the eBanking and phone banking channels.

"The reloadable cards are an extremely versatile payment tool and provide our customers with the benefit of cashless transactions with an easy-to-use, transparent, safe, secure and widely accepted product," BMI Bank chief executive Jamal Al Hazeem said.

"Our prepaid cards aim to promote a cashless environment playing a crucial role in driving overall growth across the country as a tool of empowerment and a key to financial freedom that everyone aspires to."

MasterCard Bahrain market manager Somu Roy said the cards will be powered by Sinnad's PCMS Platform (Prepaid Card Management System) which will provide a cutting-edge secure and convenient payment solution.

"Besides the added benefits of safety (as it does not involve physical cash), free SMS alerts, semi-annual statements along with facilitating electronic or online payments, there are no credit checks or hidden fee or charges with the prepaid card," he said.

Featuring one of the lowest foreign exchange rates in the market, free customer support and straightforward "single fee" pricing, the prepaid cards are designed to deliver a great user experience and is being offered as a viable alternative to mainstream bank accounts.

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Publication:Gulf Daily News (Manama, Bahrain)
Date:Dec 29, 2013
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