The new card, which is EMV compliant, replaces the current Nakumatt Cybercash loyalty smartcard and provides a range of enhanced benefits and security features. With the multicurrency Nakumatt Global Prepaid Mastercard card, existing Nakumatt smartcard holders will continue accumulating their smart points for all purchases made across Nakumatt outlets.
Nakumatt Global Prepaid MasterCard cardholders will also earn smart points for purchases made with the card at any of the over 35.9 million acceptance points, including 2.1 million ATMs, where MasterCard is accepted worldwide.
Nakumatt Holdings Managing Director Atul Shah “At Nakumatt, we have managed to integrate a most advanced Payment Gateway switch linking us with other financial service providers to facilitate the robust delivery of a number of financial services and products. The transformation of the Nakumatt Smart Card to a Prepaid MasterCard card confirms our readiness to facilitate a general evolution of the local retail financial services, subject to regulatory approvals.”
“The Nakumatt Global Prepaid MasterCard card is a great win for this market and a proof that MasterCard’s vision of a world beyond cash is not only possible but is actually happening. Today, 85 per cent of the world’s transactions are still carried out in cash and cheque. In Kenya, this figure stands at over 98 per cent, and we believe that the launch of this card will be a notable victory for the push for increased cashless transactions.” said Daniel Monehin, Division President, Sub-Saharan Africa at MasterCard.
Nakumatt plans to replace its old generation Smart Cards with the Nakumatt Global MasterCard prepaid card with immediate effect. The cards will be available from all Nakumatt outlets and also from selective branches of the partnering banks, beginning with Kenya before rolling out to Tanzania, Uganda and Rwanda where Nakumatt operates.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.
Payments for digital and physical goods made mobile operating system-based payments platforms like Apple Pay and Android Pay are expected to boom in the next few years according to new analysis from Juniper.