Equiti has introduced a fully integrated prepaid Mastercard and prepaid card mobile app linked to trading accounts in response to trader requests for seamless access to funding.
In this launch, Equiti has partnered with card issuer Gate to Pay. With this collaboration, traders can transfer funds to their trading accounts with no fees, top up their card balances, and monitor their transactions on their mobile phones.
Additionally, the card offers the usual Mastercard benefits and can be used for regular daily transactions such as withdrawal of funds at ATMs, online and point-of-sale purchases, and even international payments. With just a few click on the client portal, users can apply for a card through a simple and quick process.
Gareth Bateman, Global Head of Payments for Equiti, said:
Gareth Bateman
We are delighted to have developed such an intuitive payment tool which makes it easy for traders to transfer funds to and from their accounts. At Equiti, we are constantly applying ourselves to assure the payment experience is as seamless and secure as possible.
With the complexities of e-commerce payments and our understanding of local payment solutions on a global scale, we believe the Equiti prepaid Mastercard card will widely appeal to traders to facilitate the ease of trading.
Ahead of the launch, traders were informed of the Equiti prepaid Master card and app and they demand showed a roughly 250% higher uptake rate than originally anticipated.
Mohamed Alahmad, managing director for the Middle East region at Equiti, said:
Mohamed Alahmad Source: LinkedIn
Equiti aims to make our client’s experience a global market disruptor so we are thrilled to introduce this first of its kind payment solution to Equiti’s offering.
The Equiti prepaid Mastercard is another step toward achieving our mission to be at the forefront of innovation in the fintech sector.”
Yazan Hamdan, Head of Business at Gate to Pay said:
Yazan Hamdan Source: LinkedIn
Through our BaaS (Banking as a Service) offerings, we aim to enable partners to offer digital banking products and solutions for their clients. Equiti is a fast-growing, innovative, market leader, adapting to the latest trends and sets a clear example for the industry.”
In the official announcement, Equiti also hinted that it is in the payment solutions, planned to roll out in Q3 2021.
Earlier in May, Equiti Group’s subsidiary, Equiti Capital revealed that its FX Desk appointed NatWest Markets as another Prime Broker. Following the recent growth of its FX Desk and the need of multiple Prime Brokers to diversify risk, Equiti Capital went to market in 2020 to appoint a second prime broker.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
