First UAE bank to launch reloadable prepaid travel card with up to 15 currencies

Only card to combine Mastercard's global acceptance with Emirates NBD's multi-channel network for currency reloading

Dubai, 7 November, 2016

Emirates NBD, a leading bank in the region, has launched the Emirates NBD GlobalCash card, a multi-currency travel card in partnership with Mastercard, a leading technology company in the global payments industry, making it the first UAE bank to offer this service to its customers.

Powered by Mastercard Prepaid Management Services, the Emirates NBD GlobalCash card is the most advanced platinum multi-currency prepaid program in the market, with the maximum number of currency wallets in the UAE and MENA region. The card works like a General Purpose Reloadable (GPR) card with Dirhams while in the UAE and as a multicurrency prepaid travel card when travelling overseas with the top 14 foreign currencies preferred by UAE residents. The Emirates NBD GlobalCash card is Mastercard’s first and fully integrated multi-currency prepaid card program issued by a financial institution in the UAE.

The card allows customers to load 14 popular currencies used by UAE residents when travelling: USD, GBP, Euros, Indian, Pakistani and Sri Lankan Rupee, Philippine Peso, Saudi Riyal, Australian Dollar, Turkish Lira, Swiss Franc, Canadian Dollar, Thai Baht, South African Rand in addition to the UAE Dirham. The versatile feature enables customers to not have to worry about carrying or withdrawing foreign currency while traveling overseas. The card can be used globally at over 37 million locations for point of sale transactions, ATM withdrawals and online purchases - anywhere the Mastercard logo is displayed.

Customers can view their transactions and balances via the bank’s online banking platform or the GlobalCash mobile app. Leveraging Emirates NBD’s multi-channel network, the card can be reloaded in available currencies from a linked bank account via online banking or via Emirates NBD branches. In addition, the card can also be loaded in UAE Dirhams at Emirates NBD’s cash deposit machines.

Suvo Sarkar, Senior EVP & Group Head – Retail Banking & Wealth Management at Emirates NBD said: “Customer convenience is at the heart of all our product offerings and the Emirates NBD GlobalCash card offers a safe and hassle-free hedge from currency and rate fluctuation while traveling and shopping abroad or online. This card delivers a more secure experience for clients when they are travelling and gives them the peace of mind that they have a fixed currency exchange rate on all international spends.  

“By locking in an exchange rate, the GlobalCash card offers a smart way to manage foreign currency requirements each time that customers load, reload or move money between currencies on the card. Backed by Emirates NBD’s extensive network and support infrastructure when it comes to safety features and re-loading and the added advantage of Mastercard’s global acceptance, gives the GlobalCash card a distinct edge among competitor travel cards,” Sarkar added.

Eyad Al Kourdi, Senior Vice President and General Manager, UAE, Mastercard said: “We are pleased to collaborate with Emirates NBD to launch the unique GlobalCash card offering which leverages our industry-leading ‘Mastercard Prepaid Management Services’. The multi-currency travel card sets a new benchmark in the payments landscape with its flexible functionality and a host of features that work both locally as well as during international travels, supported with the safety and security that consumers associate with the Mastercard brand.”

The GlobalCash card is a safer alternative to carrying cash when travelling overseas. Since the card has up to 15 currencies, customers can easily move currency from one currency purse to another. If the customer does not have enough local currency to make a purchase, the card will automatically draw from another currency purse (in a preset order) to allow the customer to complete the transaction. To protect customers against misuse, the card incorporates chip & PIN technology as well as 3-D Secure technology for internet transactions.

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About Emirates NBD:
Emirates NBD is a leading banking Group in the region. As at 30th September 2016, total assets were AED 446 Billion, (equivalent to approx. USD 121 Billion). The Group has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry, with over 90 per cent of all financial transactions and requests conducted outside of its branches. The bank currently has 220 branches and 985 ATMs and CDMs in the UAE and overseas and a large social media following, being the only bank in the Middle East ranked among the top 20 in the ‘Power 100 Social Media Rankings’, compiled by The Financial Brand. It is a major player in the UAE corporate and retail banking arena and has strong Islamic Banking, Global Markets & Treasury, Investment Banking, Private Banking, Asset Management and Brokerage operations. Ratings agency Moody’s recently upgraded the bank’s long-term deposit and senior unsecured ratings to A3 and its baseline credit assessment (BCA) to ba1. In addition to the bank's strong funding and liquidity profile, the upgrade reflected the bank's improved loan quality, and its higher loss-absorption buffers.

The Group has operations in the UAE, Egypt, the Kingdom of Saudi Arabia, Singapore, the United Kingdom and representative offices in India, China and Indonesia.

The Group is an active participant and supporter of the UAE’s main development initiatives and of the various educational, environmental, cultural, charity and community welfare establishments.

For further information on Emirates NBD, please contact: 
Ibrahim Sowaidan
Senior Vice President
Head - Group Corporate Affairs
Emirates NBD
Telephone: +971 4 609 4113 / +971 50 6538937
e-mail: ibrahims@emiratesnbd.com

Tricia Kaul | Shaleen Sukthankar
ASDA’A Burson-Marsteller; Dubai, UAE
Tel: 971-4-4507600; Fax: 971-4-4358040
Email: tricia.kaul@bm.com  | shaleen.sukthankar@bm.com

About Mastercard Prepaid Management Services (MPMS):
Mastercard Prepaid Management Services (MPMS) provides end to end processing and program management services to both consumer and corporate focused businesses looking to offer their customers and/or employees with foreign exchange, travel or cross border payment solutions that are simple, secure and smart.

The MPMS services include program design, issuer management, funds management, program lifecycle management, branding, marketing, card and account holder self-service management.

© Press Release 2016