MANILA, Philippines - Sterling Bank of Asia partnered with Visa to introduce the first locally-issued dollar-based currency Visa prepaid card with an EMV chip.
"We are proud to partner with Sterling Bank of Asia for the ShopNPay US Dollar Visa Prepaid Card. This innovative product will provide Filipino travellers with a simple and convenient way to pay, reducing the reliance on cash which can be less secure and harder to track when travelling abroad,” said Visa country manager for the Philippines and Guam, Iain Jameson.
The ShopNPay US Dollar Visa Prepaid Card has an EMV chip, which is the global standard for chip-based credit and debit transactions.
Compared with existing magnetic stripe cards, the computing power of the EMV chip ensures security and global interoperability so that Visa cards can be accepted around the world.
"We constantly develop innovative products to fulfil the needs of our clients. The ShopNPay US Dollar Visa Prepaid card is a convenient and secure way for our clients to manage funds when travelling abroad. It also makes shopping overseas a seamless experience,“ Sterling Bank President and CEO Atty. Lamberto R. Villena said.
Users of the ShopNPay US Dollar Prepaid Visa card will also be shielded from currency fluctuations.
"No currency fluctuation for US dollar transactions will be experienced by cardholders as the US dollar exchange rate is locked-in at the time of card load, thereby giving cardholders complete control over their travel funds,” Villena said.
The card also reduces the risk of carrying large amounts of cash when travelling since it can be used to make purchases worldwide.
The card can also be used to withdraw funds from over two million automated teller machines around the world and can be loaded by transferring funds from existing Sterling Bank Solo Dollar Savings account, free of charge or via inward remittances.
The ShopNPay US Dollar Prepaid Visa Card can be accessed locally or overseas. It can also be used for online purchases such as for hotel bookings and plane tickets and limits the risk for fraud.
source: www.abs-cbnnews.com
