Sterling Bank introduces 1st local dollar-based prepaid card

MANILA, Philippines - Sterling Bank of Asia (Sterling Bank) is introducing the first locally-issued dollar-based currency prepaid card.

The thrift bank has partnered with Visa International for the use of the ShopNPay US Dollar Visa Prepaid Card, which has an embedded EMV chip.

An EMV card has an embedded microprocessor chip that store and protect cardholder data. EMV actually stands for Europay, Mastercard, and Visa.

“Compared with existing magnetic stripe cards, the computing power of the chip ensures security and global interoperability so that Visa cards can be accepted around the world,” Lamberto R. Villena, Sterling Bank president and chief executive officer, said.

Villena added that Sterling Bank is constantly developing innovative products to fulfil the needs of its clients.

“The ShopNPay US Dollar Visa Prepaid card is a convenient and a secure way for our clients to manage funds when travelling abroad. It also makes shopping overseas a seamless experience,” he added.

One of the major concerns of travellers is the fluctuations in exchange rate, which can be answer by an EMV enabled card.

No currency fluctuation for US dollar transactions will be experienced by cardholders as the US dollar exchange rate is locked-in at the time of card load, thus giving cardholders complete control over their travel funds.

The ShopNPay US Dollar Visa Prepaid Card reduces the risk of carrying large amounts of cash when travelling. It can be used to make purchases worldwide.

Visa is accepted by millions of merchants all over the world. The ShopNPay US Dollar Prepaid Visa card can be used to withdraw funds from over two million automated teller machines (ATMs) around the world and can be loaded by transferring funds from existing Sterling Bank Solo Dollar Savings account, free of charge or via inward remittances.

The ShopNPay US Dollar Prepaid Visa Card can be accessed locally or overseas. It can also be used for online purchases such as for hotel bookings and plane tickets and limits the risk for fraud.