Zemen Bank, in conjunction with Mastercard, has produced prepaid travel cards that will enable holders of the cards to use cards with either of the two major currencies, namely U.S. Dollars and Euros, based on their travel destination. The card is also the first contactless card issued in Ethiopia.
“We are also excited to roll out Mastercard’s contactless tap to pay service, which is the first of its kind in Ethiopia. Dubbed “Z-Tap”, now all Zemen POS machines and most ATMs accept contactless Mastercard cards as a result of our significant investment and diligent approach to providing contactless solutions." Amha Tadesse, VP Information Technology at Zemen Bank.
Zemen Bank, in collaboration with Mastercard, will look to introduce cards for other currencies in the future based on the countries customers visit the most. This move in the future will prevent currency conversion cost and add convenience.
“We are delighted to see this product address our customers’ needs for overseas travel, without the need to carry cash. Zemen Bank is known for introducing banking technologies in the country and we are proud to again be the pioneer to issue the contactless prepaid travel cards in partnership with Mastercard. We envision that this will pave the way for more e-commerce payments too, as customers are also able to book their flights and hotels using their cards.” Dereje Zebene, Chief Executive Officer of Zemen Bank.
Other benefits of the platinum Mastercard prepaid travel card
Access to all Mastercard points of sale and ATMs in the world
Platinum insurance benefits, which cover card fraud protection and purchase protection.
Cardholders are able to load up to USD 10,000 or equivalent, depending on the purpose of travel.
What Mastercard is sayingRaghav Prasad, Mastercard’s Division President for Sub-Saharan Africa said: “Mastercard has been spearheading the transition to contactless for many years, championing tap-and-go as the most simple, safe and fast way to pay. Innovation is central to achieving a cashless society in Ethiopia where everyone can thrive. We remain committed to developing market-relevant digital payment solutions that offer value to consumers and the wider ecosystem, and our partnership with Zemen Bank is the latest example of how we continue to collaborate on this journey.”
Ethiopia in focus
Population: 112,078,730 (2019)
GDP: $95.913 Billion (2019)
GDP per capita: $855.761