CASHU, an online payment service option in the Middle East and North Africa (MENA), has launched its first CASHU Virtual Prepaid Card in the UAE, in collaboration with MasterCard, and Noor Bank, a Shari’a compliant bank in the UAE.
The launch was announced at the Cards and Payments Middle East 2016 conference in Dubai, a smart card and payments event.
UAE citizens will require a registered CASHU account to create their Virtual MasterCard Prepaid Card instantly, which can be used to make payments on e-commerce portals that accept MasterCard.
As a promotional offer, CASHU will be offering the card on request free-of-cost for a period of 90 days from launch. CASHU is considering releasing similar virtual cards for other markets in the region in the near future.
CASHU CEO Thaer Suleiman said: "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.
"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."