KINGSTON, Jamaica (JIS) — Finance and the Public Service Minister, Dr Nigel Clarke, has welcomed Alliance Financial Services Limited’s (AFSL) introduction of Jamaica’s first and only Prepaid MasterCard.

The card, which was unveiled during a ceremony at the Courtyard by Marriot Hotel, New Kingston, on Thursday, allows persons to load MoneyGram remittances and other cash safely and securely for use anywhere MasterCard is accepted.

It also enables users to access services such as mobile bill payment, electronic phone top-ups, payment at point-of-sale devices, and to transfer funds between cards.

The product resulted from a partnership forged between Alliance Investment Management, through AFSL and American entity, MasterCard Incorporated, through its Jamaica Country Office.

Clarke said the card’s introduction is consistent with the Ministry’s policies, which are rooted in achieving economic independence.

“A prepaid MasterCard… allows for the protection of the vulnerable, and it definitely allows for acceleration in economic expansion by enabling businesses and individuals to transact. By so doing, it allows for the achievement of economic independence,” he argued.

Clarke noted that a key focus of the Administration’s Financial Inclusion Strategy (FIS) is to support reforms that will increase access to financial services, including the use of electronic payment.

Such products, he said, provide an opportunity to reduce the cost of doing business by leveraging mobile and digital technology. It is also in keeping with Government’s commitment to the development of a digital economy.

Clarke said that AFSL and MasterCard have successfully developed and launched a product “that will cater to all Jamaicans, particularly… those who are unbanked”.

Alliance Investment Management’s President, Peter Chin, said the card represents the culmination of a two-year project, and described Thursday’s unveiling as an “exciting day for us”.

MasterCard’s Country Manager for Jamaica, Trinidad and Tobago, Bermuda and Haiti, Uhriel Bedoya, said the Alliance prepaid card is revolutionary, as it will yield benefits for persons who do not traditionally have access to financial services.

“For us, at MasterCard, financial inclusion is really a priority… it is not just a way of life… it is a responsibility. (The Alliance Prepaid MasterCard) is going to change the lives of people who are unbanked (and) who, otherwise, (transact) solely by cash”, he added.

Alliance Investment’s Vice President, Robert Chin, advised that the card will become available at AFSL’s MoneyGram outlets beginning May 11.