The Unbanked Potential
In a world where cash is fading and credit cards and online wallets are dominating the scene, you might think is that we are all going cashless in a couple of months, but that is not the case. 2.5 billion of the world’s adults actually do not use formal banks or semiformal microfinance institutions to save or borrow money, and around 2.2 billion of these unserved adults live in Africa, Asia, Latin America and the Middle East.
Having this in mind, with the fact that the Arab world’s e-commerce market is experiencing exponential growth with prepaid options gaining rapid popularity across the region; CASHU, the MENA online payment leader, has thought about a solution to convert those unbanked adults to e-commerce and online payments, and so CASHU has partnered with Mastercard, the leading technology company in the global payments industry, and NOOR Bank, a leading Shari’a compliant bank in UAE, to present the first virtual prepaid shopping card, which is a very good solution for unbanked adults who live mainly in the Middle East, and who represent 67% of total adult population in MENA.
The advantages of CASHU’s virtual prepaid Mastercard for buyers
Residents in the Middle East with registered CASHU accounts can generate their virtual prepaid Mastercard instantly, to make online payments on portals that accept Mastercard worldwide.
This virtual prepaid Mastercard offers many benefits; such as convenience, control and worldwide acceptance. It is also one of the safest ways to pay, which offers all the advantages of cashless payments. Other benefits include:
- Buyers do not have to open bank accounts, provide documents or wait for approvals to generate CASHU’s virtual prepaid Mastercard.
- Buyers can only spend the amount they deposit to their virtual prepaid Mastercard.
- CASHU’s virtual prepaid Mastercard is safe and secure, and buyers have a much lower risk of being victims of fraud.
- Buyers will not own a plastic card. CASHU’s virtual prepaid Mastercard is in digital form only that is saved inside buyers’ CASHU accounts and cannot be stolen.
The advantages of CASHU’s virtual prepaid Mastercard for Merchants
Thousands of merchants across the globe rely on CASHU to help grow their businesses in the Middle East through 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 merchants, which all allow wider, safer and faster consumer participation in e-commerce.
With CASHU’s virtual prepaid Mastercard:
- Merchants will grow businesses and access millions of potential unbanked buyers from the Middle East.
- No additional integration is required from the merchant’s side.
- E-payments are settled in the currency in which the merchant sells their products and services, regardless of where the buyer is from.
The launch of CASHU’s virtual prepaid Mastercard 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.