Equity Bank, in conjunction with MasterCard, has launched a cashless prepaid card. The card, which is readily usable to pay for bus fare in Kenya in line with the recent government directives on cashless bus fare payment system, is more than a travel card.
The card will also be used for transactions and payments globally. On the travel front, Equity account holders can get the cards free of charge for their own use and their kin as well.
The prepaid card is being issued instantly at the bank’s branches country’s and is available to both Equity Bank account holders and non-equity bank account holders. It enables customers to pay for their shopping, pay bills in all retail outlets accepting Equity Cards and MasterCard, as well as withdraw cash at Equity ATMs in all the five countries where Equity Bank operates, and all ATMs worldwide that accept MasterCard. It is part of the bank’s efforts to support the national cashlite economy goals.
The new card features the MasterCard contactless technology, which offers consumers a ‘tap and go’ option ideal for environments where speed and convenience matter most. Although new to Kenya, contactless payment technology is touted as the answer to those seeking fast and secure modes of payment, and is supported by multi-level security protection.
Equity Bank in partnership with Google, pioneered the innovation of cashless solution for the commuter sector in Kenya by launching the BebaPay card. In the face of the new transport law that requires that public transport fare migrates to cashless, and that all payment cards must be interoperable, Google has advised the BebaPay customers to replace their cards with the Equity Prepaid cards which are interoperable with other payment systems.
According to Equity CEO Dr James Mwangi, the bank is targeting a 96 per cent transition to a cashless ecosystem for its customers.
“The transition will also be anchored on the bank’s ongoing plans to commercially unveil its mobile virtual network operation in coming months. MasterCard and Equity Bank have been working closely to develop systems that deliver the wide suite of advantages that electronic payments offer to consumers over cash, by focusing on solutions that help reduce costs, gain efficiencies, curtail fraud and corruption and advance social progress.”
Additionally, the Bank has rolled out a campus card in partnership with MasterCard for use by university and college students in an effort to deepen financial inclusion among the youth. The card is serving as the official university student card, and is a student’s personal identification while on campus. Its features extend far beyond a simple university identification card.
It will serve as a meal card, library card, access card and a debit card all in one. The campus card meets the Higher Education Loans Board standards of having intelligent wallets. The campus card is also enabled to tap and pay bus fare.
Some of the universities that have already signed up for the campus card include African Nazarene, Kenya Methodist University (KeMU), Baraton University, Eldoret and Laikipia Universities. Students who sign up for the Campus card will have the option to receive their HELB loans through their cards and swipe at their respective universities to pay for the fees.