Thursday, August 7, 2008

MasterCard Launches an Islamic Debit Card

Business Week reports in this article that MasterCard and EonCap Islamic Bank have jointly launched what it deems as the world’s first Islamic debit card, the EonCap Islamic Debit MasterCard.

Fozia Amanulla, chief executive officer of EonCap Islamic Bank mentions:

"It is designed to appeal to both Muslim and non-Muslim individuals who prefer better financial control as the card ensures that purchases are automatically deducted from the cardholder's account and approved only if enough funds exist within the account. It helps track spending, comes with worldwide acceptance at more than 26 million locations and can be used at an ATM for e-banking."

This card will also work on the PayPass system, which allows consumers to swipe it on a terminal without actually leaving the cardholder’s hand. A recent survey conducted in 2007 revealed that consumers viewed the biggest benefit of contactless cards to be the convenience factor. There are currently 24 countries in Asia which have MasterCard PayPass trials and rollouts currently underway.

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