KINGSTON, Jamaica–The Jamaica credit union movement's first prepaid Mastercard has been introduced to the country by Community & Workers of Jamaica Co-operative Credit Union Limited (C&WJCCUL). The credit union is rolling the card out in partnership with Alliance Financial Services Ltd., a principal member of the Mastercard network, the Jamaica Observer reported.
In addition to purchases, the card can be used at any Multilink ATM.
“C&WJCCUL is the first of the 25 credit unions in Jamaica to roll out a Mastercard. This follows many firsts that the credit union has already introduced to its members such as Internet banking, a mobile app, as well as online membership and loan application features,” Carlton Barclay, CEO of C&WJCCUL, told the Observer.
Added Condell Stephenson, president of C&WJCCUL: “Our members had been asking for solutions that would allow them to shop online and to have a hassle-free way of conducting business, so we were challenged to find ways for our members to keep pace with the changes taking place in the financial sector. Now with just a tap, touch, swipe or click, members can withdraw funds from their C&WJCCUL savings account, or purchase goods and services at retail stores or online – anywhere in the world.”
While the C&WJCCUL/ePay Mastercard has features of a debit card, the credit union said it also provides an added layer of protection against fraudsters through the cutting edge EMV chip technology. “Each transaction is unique so it is nearly impossible to replicate personal information,” the credit union said. “There is no annual charge and the usage-based fees are comparably low.”