BTSE Debit Card aims to open up global access to funds

Source: BTSE. The BTSE Debit Card.

A new crypto debit card accepted at over 53 million MasterCard merchants worldwide and compatible with more than 1 million ATMs around the world has launched. The BTSE Debit Card is fundable with multiple fiat and cryptocurrencies, and does not need to be linked to a bank account.

BTSE is a fintech company that empowers individuals to take control of their financial freedom. Its crypto debit card will enable balances to be stored in four stablecoins, including Tether (USDT), USD Coin (USDC), TrueUSD (TUSD) and Digital Chinese Yuan (DC), as well as eight fiat currencies, including Euros, British pounds, HK$, A$, S$, C$, Japanese yen and US$.

Highlights of the card include:

- Withdrawing up to US$5,000 a day at over one million ATMs around the world.

- A spending limit of up to US$250,000 a month.

- Usable everywhere MasterCard is accepted

- Accumulate points with purchases. The points can be exchanged for rewards in BTSE’s upcoming rewards shop.

BTSE has also announced a membership programme to enhance the features of the card further. BTSE Elite membership starts at US$9.99 per month and will include a free debit card upon signup.
Limited personal information is collected during signup to protect card users.

Jonathan Leong, Co-Founder and CEO of BTSE said, “With the BTSE Debit Card, we set out to solve issues that repeatedly arise with a large percentage of people, crypto and fiat holders alike that face obstacles when attempting to access their funds globally – obstacles that I see as unjustified.”

“The card offers users a globally-accepted payment option with high limits, a rewards programme, and support for multiple fiat and crypto funding options, all without the need for a bank account. Additionally, the card will only convert assets upon use, thereby allowing users to maximise their crypto asset value and appreciation.”

BTSE recently became a member of the Liquid Network – a global, collaborative effort to increase financial movements across exchanges and reduce reliance on traditional currencies.

Details:

The BTSE Debit Card costs $14.99.

The physical card is officially set to launch in May. Preregister for a card

Al Rajhi campaign to encourage card expenditure

Al Rajhi Bank has launched its House, Car and Salary campaign with over SR4 million worth of prizes. The campaign is aimed at increasing the usage of Al Rajhi cards (Mada or credit cards) both inside and outside KSA.
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The grand winner, who must be Saudi, will get a house, a BMW 7 Series car, and a monthly salary of SR20,000 for a year. Another four winners will get a BMW 7 Series car, while a further seven will get a monthly salary of SR20,000 for a year.

Al Rajhi Bank is the biggest user of Mada cards in KSA. Mada cards are debit cards issued by KSA banks which have added security features. They can be used globally. Al Rajhi credit and Mada card holders enjoy instant discounts in many stores and shops in KSA. They also benefit from a premium rewards programme.
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Details:

The campaign ends 22 April.

Al Rajhi’s credit cards can be issued immediately from any of the bank’s branches in KSA, or through the bank’s self-service machines. Credit cards can also be requested through the bank’s website.

Mastercard launches debit card with EMV chip with BOC

Mastercard has teamed up with long-term partner Bank of China to launch the Great Wall International Debit Card, China’s first-ever cross-border, multi-currency debit card with an EMV chip.

This pioneering product has been designed to address key pain points for diverse consumer segments – particularly those who travel, study, or shop overseas – and presents a unique offering in China’s debit card market, with access to Mastercard’s global benefits.

Chinese outbound travel and cross-border e-commerce has grown rapidly in recent years, driving demand for payment products that support international purchases. Yet many consumers still face barriers to owning an international credit card, such as freelance workers, students studying outside of China, senior citizens, or those who have to travel at short notice. Some credit card holders can also face certain limitations, such as credit line restrictions overseas and high charges on currency conversions.

Meanwhile, debit cards are becoming increasingly popular, representing 70% of all payment cards and rising, according to consulting firm Retail Banking Research (RBR). This is being driven in part by the lower fees, easier application process, and flexible spending limits associated with debit cards. However, most traditional debit card products in China offer limited functionality, and cannot cater to the full breadth of consumer needs.

Addressing this trend and the challenges Chinese consumers face, Mastercard and the Bank of China have designed the new Great Wall International Debit Card to resolve diverse consumer pain points. For instance, the streamlined application process and more flexible eligibility enables people who are usually excluded from owning credit cards to obtain the card quickly, requiring only a valid form of identification. The card also allows consumers to spend freely according to the funds available in their bank account, which will be appreciated by consumers who are usually restrained by credit limits.

Adding to the product’s differentiation from all other debit cards on the market, cardholders will enjoy exclusive privileges covering travel, dining, and leisure experiences included in Mastercard’s Priceless Cities programme, as well as discounts on overseas shopping and study. Cardholders also enjoy zero conversion charges on 19 foreign currencies, low overseas cash withdrawal fees, and an exchange rate lock function that secures the most favourable rates.

Meanwhile, Mastercard’s EMV chip technology, password protection and an SMS notification service offer consumers peace of mind with the highest level of security on cross-border transactions.

“As China’s most international and diversified banking institution, Bank of China has a long history of leveraging its advantages to build an exclusive product portfolio with unique features and benefits,” said Yang Yimin, GM, Personal Finance, Bank of China. “The Great Wall International Debit Card we are issuing in partnership with Mastercard supports multiple currencies and caters to a variety of unmet consumer needs. At the same time, this product further strengthens our industry-leading foreign currency and cross-border commerce business.”

“Mastercard is committed to sharing its global resources with partners and collaborating to develop customised products that address real challenges for cardholders,” said Dennis Chang, Division President, China, Mastercard. “We are delighted to be working with Bank of China to introduce China’s first cross-border, multi-currency debit card with EMV chip, which addresses the growing global trend in debit card uptake* and meets the needs of diverse consumer segments. This pioneering innovation marks a major new milestone in our three decades of partnership with Bank of China, and we look forward to further collaborations to provide consumers with more secure, convenient, and rewarding cross-border payment solutions.”

Key advantages of the Great Wall International Debit Card include:

• Streamlined application procedure: An applicant may apply for a card at Bank of China branches by presenting his or her valid identity document
• Cash withdrawal at overseas ATMs at any time of the day; handling fee up to a maximum of US$5
• No service charge on currency conversions for overseas purchases
• Supports conversion of 19 foreign currencies
• Spending limit tied to funds available in the relevant bank account
• Yields income from interest; doubles as a foreign exchange and financial management product
• Exchange rate lock function
• Secure online shopping

*RBR Global Payment Cards Data and Forecasts to 2021

UOB profiles the modern Singapore woman and tailors card privileges accordingly

United Overseas Bank has released Singapore’s first profiles for the contemporary Singapore woman based on their behaviour and spending patterns. The UOB Leading Ladies report* classes the women as digital natives, young professionals and cosmopolitan leaders.

Jacquelyn Tan, Managing Director and Regional Head of Cards and Payments, UOB, said that the report elaborates on the enterprising nature and consumption patterns of Singapore women today. “The average Singapore woman is highly educated and juggles work and family at the same time. From the baby-boomer senior executive in a multinational corporation to the Generation Z Internet entrepreneur, women in Singapore contribute more than 40% to Singapore’s GDP. Their energy and passion help feed their ambition. As the saying goes, ‘Women hold up half the sky’ and for Singapore women, I would add that the sky’s the limit," she said.

“UOB was the first bank to recognise the increasing earning power of women and issued Singapore ’s first card for women only – The UOB Lady’s Card - in 1989. Women are now spending 17% faster than men do on UOB cards**. By 2020, we believe that the amount women spend will contribute close to half of the bank’s total credit card billings.”

The bank believes in understanding what women want and helping them meet their priorities through life’s many stages, from their tertiary years, as they build their careers and through to retirement. Recent data shows that women in Singapore*** are generally spending more on their credit cards as their incomes increase and priorities change through different life stages. There has been a clear upward trend in credit card spend over the last couple of years by women aged 20 to 49 years old, with the biggest increase seen in younger age groups (20 to 29 years old and 30 to 39 years old) . Women in the 40 to 49 year old bracket charge the most to their credit cards.

The Bank has identified three archetypes for today’s Singapore woman:

Rachel, the digital native, is 18 to 25 years old. She spends S$400**** a month. Shopping, beauty and eating make up 55% of her total monthly spend Born in the age of the Internet, Rachel is technologically-savvy and typically an early adopter of new digital platforms and solutions, such as paying with her smartphone. Social media is integral for her to stay connected with friends and is a medium for self-expression.

Rachel is probably pursuing a tertiary education or is a fresh graduate who has just entered the workforce. As a consumer, she is as comfortable in brick-and-mortar stores as she is online, shopping at least twice a month at e-retailers. Rachel values off-the-beaten track travel and dining experiences. When travelling, she seeks to live as the locals do. She prefers short-term rental stays such as Airbnb to hotels.

Michelle, the young professional, 26 to 35 years old, spends S$1,000**** a month where shopping, beauty and dining make up 52% of her total monthly spend. Michelle is well-educated and career-focused. Having worked for a few years, she is likely to be financially independent and interested in long-term investments to build her retirement nest egg.

Michelle is often strapped for personal time and values spending her weekends with family and friends. When travelling, she is likely to indulge in the finer things in life, such as dining experiences and luxe fashion brands.

Christina, the cosmopolitan leader, is above 36 years old. She spends S$2,000**** per month of which shopping, medical services, beauty and fitness make up 64% of her total monthly spend. Established in her profession, Christina is a citizen of the world. Travelling often for work, she can find herself in two different cities in a week. As such, maintaining her health and fitness is of the utmost importance. When travelling for leisure, she prefers customised holiday experiences over typical agency tours. Financially-savvy and independent , Christina also maintains an investment portfolio.

To cater to the contemporary women of Singapore, UOB has enhanced and redesigned its suite of Lady’s Cards. The refreshed card face, by acclaimed designer Vivienne Tam, is the latest generation of UOB Lady’s cards and Singapore’s first and only designer credit card. It features a new, modern rose motif.

The card suite enhancement also includes a new UOB Lady’s debit card for digital natives. To complement their high energy and love of life, the range of benefits includes one-for-one dining offers.

For young professionals, the UOB Lady’s Card benefits are a step up from the UOB Lady’s debit card. Understanding that this segment has more financial responsibilities , the UOB Lady’s Card features the LuxePay Plan, a six or 12-month installment payment plan for luxury goods that does not charge interest or processing fees so that women can manage their expenses more easily, with a fixed monthly amount to pay for big-ticket purchases. Additional lifestyle benefits include free tickets to the Singapore Repertory Theatre and complimentary weekend parking at selected Orchard Road malls such as Paragon and 313@somerset.

For cosmopolitan leaders, UOB unlocks a world of travel privileges to suit their frequent-flyer lifestyles with the UOB Lady’s Solitaire card. Cardmembers can enjoy exclusive access to MasterCard’s World Concierge and Priceless travel experiences, Pan Pacific Hotels and Resorts DISCOVERY BLACK Membership and JetQuay’s Quayside services. For its top women spenders, UOB is also offering Asia’s first rose-gold metal cards to 1,000 UOB Lady’s Cardmembers who spend at least S$45,000 over three consecutive months. In addition to all existing Solitaire benefits, it also offers complimentary limousine airport transfers, airport lounge access and e-commerce protection. The metal card is moulded from Duralumin, a lightweight metal material used to build aircraft, and comes with a brushed rose-gold finish.

As e-commerce is a category where women are spending more, the bank is making it more convenient for them to shop online. All new UOB Lady’s cardmembers will enjoy instant signup for the UOB MasterP ass digital wallet, which makes online payment much easier.

Deborah Heng, Group Head and GM, MasterCard Singapore said, “Women in Singapore are becoming more affluent, with good education, better access to jobs and successful development in their careers. According to the MasterCard Index of Women’s Advancement 2016, women leadership in Singapore ranked the highest amongst Asia’s developed markets and Singapore has shown the most marked advancement in women’s leadership since 2010, in the Southeast Asia region. In recognition of the many roles that women play as drivers of economic growth, it is timely to offer an elevated card platform for women, extending the benefits that the UOB Lady’s Card programme provides.”

“We are excited to partner with UOB on the launch of the first MasterCard World Elite metal card in Singapore. The MasterCard World Elite programme, developed for the discerning cardholder, provides access to luxurious, preferential and personalised experiences, such as a personal travel advisor and private cruise and jet programmes. Cardholders will also enjoy the added convenience of a dedicated concierge service that offers 24x7 seamless support for whatever they may need, from locating a hidden celebrity hangout to arranging a private family tour of a world-famous toy store.”

*The UOB Leading Ladies report presents insights gleaned from UOB card data, proprietary research and industry data.

**Year-on-year comparison, 2014 compared with 2015. 

***RFi Group - Singapore Priority & Retail Banking Council. 

****Source: UOB card data .

Bank Muscat introduces chip & PIN debit cards

Bank Muscat, the flagship financial services provider in the Sultanate of Oman, has marked the distribution of 500,000 chip & personal identification number (PIN) debit cards featuring advanced security for day-to-day payments and cash withdrawals. The new card is designed to make everyday purchases easier, and provides access to the bank’s network of 153 branches, ATMs and cash deposit machines (CDMs) across Oman.

The chip-based cards provide additional security for transactions through requiring the use of a PIN at point of sale terminals. While new customers automatically receive the Chip & PIN card, all Bank Muscat debit cardholders will automatically migrate to the new card at the time of renewal. With the new technology, cardholders are required to enter a four-digit PIN, instead of a signature, to verify payments at terminals that are chip & PIN compliant.

The cards are additionally protected with Verified by Visa security. Customers also receive alerts on mobile phones for transactions made using the card. Cardholders can take advantage of this service after registering their mobile numbers with the bank. 

Kuwait Finance House launches Visa Infinite debit card for VIP clients

Kuwait Finance House (KFH) has launched a new debit card called Visa Infinite for its ‘Priority’ private banking clients. 

Each client is allocated a dedicated relationship manager, who coordinates issuance of the new card, while also acting as the client’s personal banker for all other KFH services. Private Banking General Manager Matthew Welch explained that the card provides clients with exclusive privileges and support services. 

These include access to airport lounges in more than 500 airports lounges around the world; special offers and priority booking at a wide variety of fine dining restaurants; a 24 hour international concierge service to assist with reservations; ticket booking; car rental, and taxi bookings. In addition, clients benefit from comprehensive emergency support services, which include multiple-trip travel insurance with 24 hour international support; referral to medical and legal experts who speak the client’s language; automatic warranty extension (up to 24 months) for purchased products, plus coverage for damage up to US$5,000 per item.

Welch went on to say that the card is offered free to clients who meet KFH’s criteria for ‘Priority’ private banking and is initially valid for five years, with automatic renewal thereafter.