Equiti launches prepaid Mastercard and prepaid card mobile app

Rick Steves

Equiti also announced it is in the advanced stages of other innovative payment solutions that will be launched in Q3 2021.

Equiti has introduced the industry’s first fully-integrated prepaid Mastercard and prepaid card mobile app linked to traders’ trading accounts, the firm stated.

The launch was made possible in partnership with card issuer Gate to Pay, which will help Equiti users to transfer funds to their trading accounts with no fees, top-up their card balances, and monitor their transactions on their mobile phones.

Card holders can use them for regular daily transactions such as withdrawal of funds at ATMs, online and point-of-sale purchases, or even international payments, and are eligible for the normal Mastercard benefits.

Gareth Bateman, Global Head of Payments for Equiti, said: “We are delighted to have developed such an intuitive payment tool which makes it easy for traders to transfer funds to and from their accounts. At Equiti, we are constantly applying ourselves to assure the payment experience is as seamless and secure as possible.

“With the complexities of e-commerce payments and our understanding of local payment solutions on a global scale, we believe the Equiti prepaid Mastercard card will widely appeal to traders to facilitate the ease of trading.”

“Before the official launch of the Equiti prepaid Mastercard card and app, traders were informed of the offering and the demand showed a roughly 250% higher uptake rate than originally planned”, Mr. Bateman added.

Mohamed Alahmad, managing director for the Middle East region at Equiti, commented: “Our clients are always at the heart of our business. We take our traders’ feedback and requests seriously and use it to develop innovative offerings and solutions to deliver a superior trading experience.

“Equiti aims to make our client’s experience a global market disruptor so we are thrilled to introduce this first of its kind payment solution to Equiti’s offering.

“The Equiti prepaid Mastercard is another step toward achieving our mission to be at the forefront of innovation in the fintech sector”. Mr. Alahmad stated.

Yazan Hamdan, Head of Business at Gate to Pay said: “We are extremely honored about our partnership with Equiti and for the opportunity to elevate their offerings and customer experience with our solutions.

“Through our BaaS (Banking as a Service) offerings, we aim to enable partners to offer digital banking products and solutions for their clients. Equiti is a fast-growing, innovative, market leader, adapting to the latest trends and sets a clear example for the industry”.

Equiti also announced it is in the advanced stages of other innovative payment solutions that will be launched in Q3 2021.

 

Read this next

Retail FX

Spotware rolls out Manager’s API for cTrader brokers

Spotware Systems, a technology provider for the electronic trading industry, has released its new Manager’s API for Brokers, providing powerful tools for server-server integration.

Metaverse Gaming NFT

Dubai Museum taps Binance to jump onto NFT bandwagon

Dubai’s Museum of the Future, the $136 million UAE government-sponsored museum that opened a few weeks ago, is joining forces with Binance NFT to roll out a range of digital products on blockchain.

Digital Assets

Ripple and Lithuanian FINCI partner for XRP-based payments

Ripple is looking to expand its presence in Europe, forming a new partnership with Lithuanian electronic money institution FINCI.

Digital Assets

Crypto.com enables Shopify merchants to accept crypto payments

Crypto.com has integrated with Canadian e-commerce giant Shopify so global merchants can accept crypto payments and save on processing fees through cash-final settlements.

Institutional FX

FX volume drops 13pct at CLS Group in April 2022

FX settlement specialist CLS Group today reported that the executed volumes of currency trading on its platforms were notably down in April.

Crypto Insider, Opinion

Regulation: The Gold-Standard for Crypto-Assets

When the US supervisory authority SEC allowed an investment product referencing Bitcoin futures to be traded for the first time last October, this was widely perceived as a signal that cryptocurrencies had finally become established as an asset class.

Executive Moves

Solid hires FX industry veteran Darren Barker for multi-bank ECN’s business development

His curriculum vitae includes former roles at Cantor Fitzgerald, Sucden Financial, R.J. O’Brien, Jefferies, Natixis, Unicredit, J.P. Morgan, Raiffeisen, RBS International, UBS, Deutsche Bank, and Citi. 

Inside View

Mihails Safro, xpate CEO: Tips sellers need to know to overcome compliance obstacles

The unprecedented growth of e-commerce changed shopping dramatically last year. Many sellers suddenly faced a rapidly growing number of customers who had to stay home during the lockdown. When some clients adopted Netflix and Spotify as part of a daily routine, others ventured into online business. Robinhood alone saw a whopping 6 million rise in user numbers in 2 months. 

Institutional FX

BMLL delivers Level 3 data to Kepler Cheuvreux for order book analytics and algo performance

The solution covers more than 6.5 years of harmonised historical data from 65 venues and combines it with easy to use APIs and analytics libraries in a secure cloud environment. 

<