CIBC launches prepaid card

CIBC is offering a new Mastercard prepaid card that makes it easier for Barbadians to access social benefits, payroll and other payments.

In a statement, CIBC describes it as a digital disbursement solution developed for Government, corporate and business banking clients who often deposit benefits via cheques.

The launch of the prepaid card is a part of the bank’s digital transformation journey with the primary objective of accelerating the cessation of cheques.

Cardholders do not need to have a CIBC account to use the card.

The card is part of the bank’s commitment to delivering convenient, easy and secure digital banking solutions.

The bank says the card can be used to pay for goods and services locally and internationally, withdraw cash and can also be used at point-of-sale systems.

Director, Enterprise Payments, Cards and Merchant Services, Jennifer Fuller says the card is equipped with contactless payment capability and the chip & PIN feature to provide stronger security and better fraud protection.

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