Equity Bank’s new card set to foster cashless payments in Tanzania
What you need to know:
- Known as ‘Eazzy Card’, the new gadget is aimed at providing its holders with an alternative banking platform
Dar es Salaam. Equity Bank Tanzania yesterday launched a new card designed to offer a range of payment options that allow individuals and companies to control and improve the management of funds.
Known as ‘Eazzy Card’, the new gadget is aimed at providing its holders with an alternative banking platform that allows for safe, secure, and seamless electronic transactions as Tanzania moves towards a cashless or less cash society.
“We are determined to continue pushing for increased financial inclusion through increase in the number of people using formal financial services whilst advocating for cashless transactions,” said Equity Bank’s managing director Robert Kiboti.
Accessed by customers and non-customers, the card allows its holders to make payments for purchases, utility bills, fuel, daladala fares, ferries crossing charges, online shopping, ATM withdraws and ticket bookings among others.
The Visa-powered card comes with a contactless EMV chip allowing customers to do tap-and-go payments for authorized amounts. The cards can be used for free on ATM cash withdrawals and online payments at merchants’ platforms and POS terminals across the country.
Being members of the Visa International network allows the Equity Bank Pre-paid cardholders to use it worldwide for over 40 million points of sale terminals in over 210 countries and territories where VISA is accepted.
The Equity Bank prepaid card, that will valid for 3 years, is similar to a debit card but does not require an account attached to it. It is value-based, such that customers can only spend the loaded amount on the card at a time. It is ideal for everyday payments like utility payments or travelling expenses and is enabled for both to tap and go and pin authentication.
The card can be replenished through the lender’s mobile banking services of EazzyBanking and Internet, Equity Bank Wakala, mobile money or physical visit at any of the bank’s branches.
He said the bank remained focused on building new partnerships and collaboration with government and private entities for continuous innovation to offer its customers and the whole market at large, a differentiated banking experience.
