NATIONAL COMMERCIAL Bank (NCB) yesterday launched Jamaica's first major stored value card called 'Keycard Cash', which will eliminate the need for individuals and companies to use cash in their business transactions at more than 5,500 merchants across the island.
The card, which is being marketed as "the anybody card", is intended for use at points-of-sale outlets and will create opportunities to companies, such as the replacement of the paper-based lunch voucher system, according to managing director Christopher Lowe.
It is also designed to mitigate the risk associated with cash management, said Mr. Lowe, adding that it is intended for usage by all Jamaicans professionals, traders, householders and even adolescents.
"In fact, this product has the potential to remove cash from many front-line transactions," the managing director told some of the participating merchants during a press briefing at The Atrium, NCB's headquarters at Trafalgar Road, New Kingston.
Among the participating merchants endorsing 'Keycard Cash' were Restaurants of Jamaica which operates Kentucky Fried Chicken (KFC) and JamRock. Cellular telephone provider Digicel Jamaica, the first company that will adopt the use of 'Keycard Cash' for its staff, has also endorsed the move.
Mr. Lowe said that unlike credit cards that require credit approval, and debit cards that require the customer to hold an account with NCB, 'Keycard Cash' will provide the cardholder with the flexibility of keeping their accounts anywhere they feel.
Assistant general manager for NCB Card Services, Monica Bucknor, explains that 'Keycard Cash' is a stored value card denominated in Jamaican dollars only and can be used at points-of-sale islandwide anywhere the Keycard brand is accepted. She said that meant at least 75 per cent to 80 per cent of merchants islandwide, including all major fast food chains and supermarkets.
APPLICATION
Anyone can get one of the cards by simply filling out an application form at any branch of NCB or at its Card Centre at Oxford Road, New Kingston. The card will then be available in 48 hours.
Mrs. Bucknor said the card will have the usual 16-digit number like any credit card. To add value, the cardholder may lodge cash or transfer from an existing NCB account over the counter or by using the bank's telephone banking system, TeleMidas.
The sum that is placed on the card is determined by the cardholder or another person adding value on behalf of the cardholder.
For corporate entities that give lunch vouchers to their staff, 'Keycard Cash' will eliminate the administrative costs incurred in cutting those vouchers, distributing it to staff and paying the different companies at the end of each month, she explained.
Such companies can simply instruct NCB to issue 'Keycard Cash' cards to a specified number of employees for specified values. Mrs. Bucknor said there will be a one-off fee to the company to cover the cost of the plastic card and a minimal monthly administrative fee.
With the general public, she said, 'Keycard Cash' card can satisfy the informal commercial business person who wants the safety and convenience of a card instead of carrying cash, and that person does not necessarily have to be holding an account with NCB.
It can also satisfy the parent who wishes to give a child a restricted allowance, which would eliminate the need to carry cash around. And there is no service change to the individual cardholder.
