Digital transactions are efficient since they are time-saving, convenient and, in most cases, less costly than using cash.
Globally, the use of cards has become the solution to cash-lite economies with digital payments providing transparency and accountability to financial transactions making it possible to prevent the hemorrhage of funds.
One of the many options available for cardless transactions are through debit, credit and prepaid cards. Prepaid cards are very convenient and secure to use especially for online purchases as they are not linked directly to an account, reducing the chances of loss of funds.
Reason why Africa’s Global Bank, United Bank of Africa has provided the USD Prepaid cards to facilitate international transactions for their customers. The card is to enable individuals to seamlessly carry out international transactions when outside the country or simply, when making a purchase on a website.
The UBA USD Visa Prepaid card is EMV Chip certified and offers power, convenience, security and prestige of Visa.
It comes with a one-time financial obligation of issuance fee and a recurring loading and maintenance fee.
Prepaid Card is a variant of a payment card that is independent of a bank account and requires to be pre-loaded with funds before its usage.
The UBA USD Prepaid card which is embedded with an array of fraud detection and prevention capabilities is able to mitigate fraud to a certain level. The card is embedded with a chip and requires pin prior to every transaction.
The card has a transaction velocity limit set on it which prevents the user from exceeding the spend limit and also doing excessive transactions within a short period of time.
The USD Prepaid card can only function outside the country and does not work on any local terminal (Web, ATM and POS) in Ghana.
The card, currently, has been designed to serve two entities; individuals and corporate. Under corporate, there are two offerings that are provided; Corporate Expense and Co-Branding.
Companies that wish to have prepaid cards issued them have to communicate to the bank via a resolution letter and clearly state their intents.
If the request is for corporate expense, the details of the officer whom the card will be in his or her possession, will be needed to meet the Know Your Customer (KYC) requirement before issuance. If the request is for a co-branding programme, other information including the logo, colours, pictures of employees/students etc. will be required.
The UBA USD Prepaid card is your solution to secured international transactions.