CASHU, MasterCard and Noor Bank launch the UAE’s first Virtual Prepaid Card for Online Shopping

Wed, 06/01/2016 - 11:29

Similar prepaid virtual payment solutions for other countries in the region to be launched soon

CASHU, one of the leading players in the online payment industry in the Middle East and North Africa (MENA), has launched its first CASHU Virtual Prepaid Card in the UAE, in partnership with MasterCard, a leading technology company in the global payments industry, and Noor Bank, a leading Shari’a compliant bank in the UAE. 

The announcement was made at the Cards and Payments Middle East 2016 conference in Dubai, the region's leading smart card and payments event. 

UAE residents with a registered CASHU account will be able to create their Virtual MasterCard Prepaid Card instantly, to make payments on e-commerce portals that accept MasterCard. As a promotion, the card will be available for users to request free-of-charge for a period of 90 days from launch. CASHU plans to launch similar virtual cards for other markets in the region in the near future.

“The Arab world’s e-commerce market is experiencing exponential growth, with prepaid options gaining rapid popularity across the region. The MAJD Card, our Virtual MasterCard Prepaid Card, provides consumers with yet another innovative prepaid payment option from CASHU,” said CASHU CEO Thaer Suleiman. “CASHU’s mission is to enable a cashless society and so it made perfect sense for us to partner with MasterCard and Noor Bank to introduce a CASHU Virtual MasterCard Prepaid Card. It’s secure, easy to issue, easy to use and can be topped up with credit in seconds.”

“Our prepaid solutions offer many benefits: convenience, control and worldwide acceptance are just some of them. At MasterCard, we see Prepaid Cards as one of the safest ways to pay that offers all the advantages of cashless payments and we are delighted to bring this innovative payment technology to the e-commerce space, in the form of the Virtual MasterCard Prepaid Card, in collaboration with CASHU and Noor Bank,” said Aaron Oliver, Head of Digital Commerce, Middle East and Africa, MasterCard.

“Since its launch in 2008, Noor Bank has gained a reputation for offering creative, innovative and client-focused banking products and services.” said Ehsaan Ahmed, Head of GTS and Corporate Strategy, Noor Bank. “We are pleased to partner with CASHU to introduce the CASHU Virtual MasterCard prepaid card and provide customers with another innovative service. The new virtual card provides an instant solution for CASHU users that need a prepaid card for their online purchases.”

Thousands of merchants across the globe rely on CASHU to help grow their businesses in MENA, via CASHU’s easy-to-implement, prepaid products and services. CASHU’s payment platform has the most sophisticated and up-to-date fraud prevention and AML (anti-money laundering) systems, reducing the risks associated with online payments for both buyers and sellers.

“CASHU is the first and most popular payment option for MENA users and our team is committed to continuously enhancing the platform’s convenience and ease-of-use,” Suleiman added. “The new solution offers our customers yet another secure option to make their online purchases, whilst benefiting from the value of the global MasterCard network.”

The launch of the CASHU Virtual MasterCard Prepaid Card in the UAE, represents the first phase of the company’s prepaid card strategy, with similar cards planned for other key Arab markets, future value-added features and plans for physical CASHU prepaid cards.