Business

MYCASH - Sagicor, Digicel, Mastercard in groundbreaking partnership

New prepaid card with global reach

Friday, August 24, 2018

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A new prepaid card that can be used globally will become available to Jamaicans next Monday under a partnership between Sagicor Bank, Digicel, and MasterCard.

Named MyCash, the card has been described as a game-changer for the Jamaican market and will be accompanied by a mobile app that will help customers manage their money, make payments and transfer funds both locally and from the USA for less, the companies said.

“MyCash is not only revolutionary in how it works, but the beauty of this product is that it is suitable for everyone,” Sagicor Group Jamaica President and CEO Chris Zacca said in a news release.

“We at Sagicor, along with our partners Digicel and MasterCard, are delighted to be providing this innovative and unprecedented level of customer convenience to our Jamaican consumers, both here at home and in the USA,” Zacca added.

Noting that MyCash has been successfully piloted over the last few months, the companies said that Jamaicans who wish to have the card need not have a bank account.

That point was emphasised by Sagicor Bank CEO Chorvelle Johnson in an interview with the Jamaica Observer on Wednesday.

“We're looking for what we call financial inclusion. Not everybody wants to have a bank account to do transactions,” she said.

The card, Johnson said, will be perfect for students studying at universities abroad as their parents will be able to load it here in Jamaican dollars instead of having to either take out credit cards or purchase US dollars to give to their children.

Johnson also pointed out that the card will prove useful to the growing number of people who shop online.

In the release, the companies explained that the prepaid card can be used at any point-of-sale location in Jamaica and 36 million locations in 210 countries worldwide.

“MyCash allows customers to conduct transactions conveniently and can be used anywhere in the world that accepts MasterCard, and has the added element of safety as it takes away the risk of carrying around a lot of cash,” the release said.

“Customers can also have 24/7 access to their cash from over 400 ATMs across Jamaica. Plus, with the MyCash app, persons can send and receive money locally and in the USA instantly with the ground-breaking Master Card Send feature,” the companies added.

According to Fabian Williams, Digicel chief strategy officer for MyCash, “With the combined strength of the Digicel, Sagicor Bank and MasterCard brands and capabilities, our MyCash product offering is second to none. We are very excited to be bringing something unique and unparalleled to the Jamaican market and proud to be opening up a world of opportunities for Jamaican consumers.”

There are no sign-up fees, and while the card is free to activate, there are minimal transaction fees, the companies added.

They said that “to apply for a MyCash prepaid MasterCard, customers simply download the MyCash app and register, visit any of the 16 Sagicor branches islandwide to validate their ID, collect their MyCash card, add cash to the card and they are on their way to managing their money”.

Johnson said that the card is one of the products resulting from the bank's commitment to listen to its customers.

“If you look at how we are positioning ourselves, we are listening to our Jamaicans, our clients, and finding out what their needs are, and we're trying to find solutions. So over the next year your're going to see us, step by step, just rolling out things that are what I call revolutionary,” she said.

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