LASCO Financial Services Limited (LFSL) is set to elevate its Lasco Gold Card experience with a range of new features following a successful year in operation.

In an exclusive interview with the Jamaica Observer, Managing Director Jacinth Hall Tracey unveiled plans for a family feature designed to empower cardholders with easy fund monitoring and the ability to extend card privileges to family members.

“Imagine having one primary card account and you can extend the benefits to your children as young as nine years old,” said Hall Tracey.

The feature, which is pending approval from the Bank of Jamaica, aims to not only streamline family finances but also foster financial literacy among youth. According to Hall Tracey, the use of that particular feature can be extended to carers to ensure responsible fund usage. The Visa debit prepaid card, which was initially introduced in 2022 to serve the unbanked in facilitating direct remittances, has already surpassed 20 thousand issued cards and recorded over $2 billion in remittances as of July 2023.

“What we realise is that daily there is additional registration, but what is good for us is that we see daily repeat customers loading the card,” revealed Hall Tracey.

However, the target for LFSL’s 2024 financial year is to attract merchants and small businesses to sign up for the card for the use of the family feature as a seamless way to pay staff and manage other work-related expenses.

“We can restrict the card from being used at an ATM [automated teller machine], ensuring control over fund withdrawals. If a biker no longer works with you, you have platform access to terminate the card,” she explained to the
Business Observer, using courier service bikers as an example.

Being a Visa debit card, it offers versatility both locally and internationally, making it an appealing alternative to business credit cards burdened with annual fees for frequent travellers. Additional features on the horizon include peer-to-peer transfers and app-free alerts, roll out is expected by March 2024.

In the meantime, the remittance service provider has struck a deal with MoneyGram, allowing it to increase payout rates to remittance collectors and support agent networks. That decision, while beneficial to both collectors and agents, has affected potential revenue generation for LFSL, which it plans to continue to absorb for some time. LFSL is, however, adding new features to attract more customers to the card as it has recognised that the card has also found favour among the banked, who leverage it for convenient fund transfers to their unbanked counterparts, avoiding subscription fees and reducing fraud risks.

“When you have a prepaid card, you load it with what you need. If you don’t have any money on it, the streaming subscription can’t pull any funds, so we see them using it that way,” she told the
Business Observer, as it has been tracking the patterns of customers.

In addition to its appeal to the unbanked, the card has attracted attention from online workers and those collecting payments through services like
PayOnAir and other international platforms. The card has a monthly fee of $300, no point-of-sale fees, and $55 for ATM use.