In anticipation of the soccer World Cup in South Africa, United Kingdom-based Prepaid Financial Services has launched a MasterCard-branded prepaid travel card available in South African rand. The company anticipates at least 60,000 UK consumers will travel to South Africa to watch the event, which begins June 11.
Consumers load the card account in British pounds, which are immediately converted to South African rand at the current rate of exchange. Consumers pay no foreign-exchange charges when using the chip-and pin smart card is used in South Africa, the company says in a statement.
Company officials did not respond to a PaymentsSource request for comment about the card.
Consumers may load the card account online using a credit or debit card or through a mobile phone text message. Additional load options include linking a bank account to the card or direct deposit into the card account
Users must register their mobile phone number online to use the text messaging service. Consumers link the number to the card’s funding option and send a text message to a dedicated number to add funds. The mobile access also enables users to check the card account’s balance and lock and unlock the card.
Consumers can secure a card free online or at travel agencies in the UK. Card activation is free. The minimum load is 140 rand (US$19 or 14 euros), and the maximum is 7,000 rand. Reloads using debit cards are free, while cardholders pay 3% of the deposited amount when using a credit card.
Cardholders pay 14 rand when using their cards to make purchases in South Africa, and they pay 2% of the withdrawal amount when access cash at an ATM. The maximum amount they may withdraw is 70 rand.
