POSB Launches Co-badged Debit And Prepaid Mastercard Cards

6 months ago
Thu, 23 Mar 2023 05:19:29 GMT
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POSB Launches Co-badged Debit And Prepaid Mastercard Cards

The People’s Own Savings Bank (POSB) in partnership with Mastercard has unveiled new prepaid and debit cards that will enable customers to make seamless transactions in both domestic and international markets.

The Mastercard debit card is now the default card that POSB account holders can use to transact in two currencies – the United States Dollar (USD) and the Zimbabwe Dollar (ZWL$).

The prepaid Mastercard card is intended for customers seeking local and international foreign payment solutions, whether they hold a POSB account or not.

All that is required is a national identity card and proof of residence to sign up for the prepaid Mastercard, deposit any amount in USD, and start transacting on the local or international markets.

POSB’s chief executive officer, Mr Garainashe Changunda said that the introduction of Mastercard debit and prepaid cards was in line with the bank’s vision to provide simple, responsive, innovative, and inclusive financial solutions. Changunda said:

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As a people’s bank, we are cognisant of our customers’ ever-changing needs. We strive to provide them with relevant solutions. From the feedback we received, there was a need for payment solutions that allow them to fully participate in global commerce to enhance their economic opportunities.

In response to the feedback, we partnered with Mastercard and to offer two cards. The POSB Mastercard debit card, which is linked to the POSB local (ZWL) and United States Dollars (USD) accounts to give seamless transactions in both currencies using the same card. To make payment, one can easily switch from local currency to foreign currency or vice versa, depending on which currency they want to use for that specific payment.

In line with the bank’s mandate to champion financial inclusion, one of the National Development Strategy 1(NDS1) objectives, we are further offering an easy-to-sign-up prepaid Mastercard for non-account holders who also wish to transact in USD currency, whether locally or internationally.

Customers can use prepaid or debit Mastercard cards on local points of sale (POS) machines and ATMs. They can withdraw cash, pay forex bills such as DSTV and Netflix, tuition, and purchase goods and services for their entrepreneurial projects on e-commerce platforms with ease.

Zimswitch, a leading switching and payments company, has in collaboration with Mastercard enabled POSB account holders to transact by using their co-badged prepaid and debit Mastercard cards.

The cards come with advanced security features, including a PIN and EMV chip that allows contactless payment (Tap and Go) to ensure that customers transact safely and securely in the virtual environment.

Both the debit and prepaid cards are also equipped with a full complement of digital and easy-to-sign-up features such as card activation or deactivation, PIN reset, balance inquiry, mini-statement, transaction history, full-statement request and block or unblock lost/stolen card.

Additionally, a customer support services team has been put in place to resolve customers’ queries at the earliest possible time should they arise. 

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