Interswitch partners with Credit Bank to launch multi-currency prepaid card

By Pavithra R

Interswitch Group, an Africa-focused integrated digital payments and commerce company, has announced partnering with Kenya’s Credit Bank to launch a multi-currency prepaid card.

The new card is aimed at providing consumers with an alternative banking card that allows for safe, secure, and seamless electronic transactions. It 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 is 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.

“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,” said Romana Rajput, Country General Manager, Interswitch Kenya.

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.

Interswitch’s flexible browser-based card management, issuing, and transaction processing system, enables the seamless issuance and management of multi-currency prepaid card offerings by banks, retailers, corporations, and other FIs that issue prepaid cards.

“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,” said Mr Jack Ngare, Credit Bank Director.

Established since 2002, Interswitch is a technology-driven digital payments company, helping to shape the payments ecosystem across the growing e-commerce sector in Africa. The FinTech’s vision is to make payments a seamless part of everyday life in Africa.