Why choose a VISA prepaid card in Pakistan

4th November 2015

 
 

As prepaid cards position as a new entrant in the financial sector – an industry dominated by over 25 Million debit cards, it is pertinent for banking consumers to weigh the benefits of prepaid cards and acclimatize themselves with their functioning. Prepaid cards hold great potential in a country like Pakistan, primarily for the following reasons:

  1. Prepaid cards provide the greatest control over an individual’s expenses; presetting the card limit to a desired amount, an individual can curtail unnecessary expenditure from monthly income. By simply loading the required monthly amount to a prepaid card, banking consumers can enjoy all the benefits of plastic money, whilst budgeting their income and creating room for savings. Prepaid cards offered by Summit Bank in Pakistan allow the bank’s customers to charge their respective cards with limits up to Rs. 100,000 monthly.
  2. Prepaid cards allow greater security to a consumer’s bank balance in case of theft, fraudulent activity or loss of card. Where a lost or stolen debit card can deplete an entire bank account balance, a prepaid card can incur zero to minimal loss for the individual in such unfortunate events. In the case of Summit VISA prepaid cards, the minimum balance recharge is preset to Rs. 500 with unlimited number of recharges; this allows Summit Bank customers to exercise greater security over their bank balances. Optimal security of an individual’s bank balance in Pakistan can be achieved by loading Summit VISA prepaid cards with limits equivalent to daily expenditures.

The present switch to plastic money in Pakistan has primarily been driven by comprehensive campaigns highlighting debit cards and their convenience to users. However, the limitations raised due to debit cards usage are effectively addressed by prepaid card features in Pakistan. Summit VISA prepaid cards offer cost-effective payment solutions to the banking community; by incorporating the basic functioning of debit cards and further enhancing security and budget optimization capabilities, Summit Bank provides a holistic solution to card users in Pakistan. Such prepaid banking products hold the potential to efficaciously address budgetary concerns of the country’s masses, and further solve Pakistan’s financial exclusion problem by providing cost-effective and documented solutions for the unbanked segment.

 

By Saad Niaz

 

 
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