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Prepaid Card trend takes off with new technology

United Arab Emirates: Wednesday, May 22 - 2013 @ 13:48

With two key prepaid products on offer, the popular LOADnSHOP and MyNetCard, users will now be able to obtain or recharge these cards instantly, at more than 400 locations across the UAE with 24/7 access in some locations.

Prepaid cards have been one of the fastest growing industries in the Middle East, with revenue from prepaid sales in the UAE alone expected to reach $18.4bn by 2015.

The LOADnSHOP and MyNetCard were launched by Majid Al Futtaim Finance only last year, however they have both witnessed significant growth since inception, with convenience and security cited as the primary reasons for their popularity.

Majid Al Futtaim Finance and MBME, a leader in kiosk-based payment systems have launched ‘The Cube’, a specially designed kiosk for the LOADnSHOP a reloadable prepaid Visa card and MyNetCard, designed for online shopping.

Now, users can conveniently recharge their LOADnSHOP card or obtain a new MyNetCard instantly at these kiosks, avoiding queues with 24/7 servicing at specific locations! With the aim to expand the service to more than 1,000 MBME kiosk locations by year’s end, shoppers will soon have unprecedented access to these cards.

“Prepaid cards are the new generation of shopping for this region, and Majid Al Futtaim Finance is amongst the pioneers of the industry in the UAE,” said Rasool Hujair, CEO of Majid Al Futtaim Finance.

“The partnership with MBME, a leader in kiosk-based payment systems will raise the standards of customer service and prepaid technology for the region, further driving the success of our two premier products: LOADnSHOP and MyNetCard. We anticipate this new service to drive forward the growing trend towards prepaid card usage in this region to new levels,” he added.

“Through this partnership with Majid Al Futtaim Finance, a leader in the prepaid industry, MBME has created a new and bespoke service for the UAE with The Cube kiosk,” said Dr. Anas Barbouti, Managing Director for MBME.

“Prepaid cards are the ideal platform for kiosk payment systems, and enhance the overall customer experience through ease of use and convenience of location. We are excited to launch this into the region for the first time, and creating a new standard of customer interaction,” he added.

The LOADnSHOP and MyNetCard are prepaid Visa cards from Majid Al Futtaim Finance, a regional leader in prepaid solutions that can be loaded with funds and used immediately without the need for a bank account and lengthy application process.

Available to everyone in the UAE regardless of salary or status, these new prepaid Visa cards come with unique security features making it a reliable and flexible choice of payment for online, travel and everyday purchases. The LOADnSHOP functions similar to a credit card, and can be reloaded with funds. The MyNetCard is a one-time use prepaid card for online shopping and entertainment.

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Wednesday, May 22- 2013 @ 13:48 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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