The Maestro-branded prepaid card enables customers of the bank to spend the monetary value stored on the card in the same way as a regular debit card, but eliminates the risk of becoming overdrawn.
Under the terms of the agreement, PrePay Technologies and its partners will provide Habib Bank with all the services required to issue and operate its card program.
Aimed at Habib account holders living or working in the UK, the new card will be launched in August 2007, supported by a seven-figure advertising campaign on digital TV channels.
Cardholders are able to reload the card at any Habib Bank branches, online or at over 34,000 top-up locations across the UK. Once the card is loaded, it can be used worldwide wherever the Maestro logo is displayed and can be used to purchase in-store, phone, via the internet or used at ATMs. By using the e-money card, cardholders are at a lower risk of fraud, and also eliminate the risk of losses caused by unauthorized borrowing.
SK Kazmi, senior executive vice president of Habib Bank AG Zurich, said: The e-money card provides our customers with a simple hassle free way to access ATM and retail point of sale services around the world. We are delighted with the way our relationship with PrePay Technologies has developed over recent months and we selected them as our service provider because of their proven expertise within the prepaid card payments sector.
