Latest update November 29th, 2024 1:00 AM
Republic bank Visa-One card hits the market
customers can access account from anywhere
The Republic Bank (Guyana) Limited grand unveiling of the Visa-One card last evening was enthusiastic. The card promises to be of greater convenience to their users.
It was announced that Republic Bank is the first bank in Guyana to offer this service.
The Bank’s Managing Director, Edwin Gooding, said that while the international debit card is the very first of its kind in Guyana. Republic Bank (Guyana) Limited is the first member of the Republic Group to introduce this new product which will be launched throughout the group in due course.
The card will allow depositors in Republic Bank (Guyana) Ltd to access their accounts from any part of the world where a Visa card is accepted and to conduct several transactions such as withdrawals, deposits (where the ATM permits), online purchases and transfers among others.
He said that with the introduction of the Visa One-Card its depositors now have access to over 27 million outlets, including ATMs and merchants, in over 150 countries.
“The new Republic Visa One-Card is now an international debit card that will allow customers of Republic Bank worldwide access to ATMs and Points-of-Sale, including at online merchants, who are part of the large Visa network, using their regular deposit account.”
He added that the introduction of the product “will therefore go a long way in reducing risks associated with moving around with large sums of money in local or foreign currency in order to make payments within Guyana and beyond Guyana’s borders.”
According to Gooding the new card is absolutely free to all Republic One Card holders if they visit any of the branches to exchange the existing OneCard for the New Republic Visa OneCard within six months of the launch.
Following that grace period depositors will have to incur a $600 fee.
The Managing Director also pointed out that soon, Visa or MasterCard branded card holders from anywhere in the world will also be able to use their card at local Republic Bank (Guyana) Ltd ATMs and Point of Sale Merchants.
“The introduction of the Republic Visa One Card heralds a whole new world for the future of banking in Guyana and our ability to chart this course, aligns with the Republic Bank vision to be the Bank of Choice for customers as it relates to the range of convenient, secure and efficient financial products and services we offer, and most importantly, the value we add to our customers’ experience both locally and internationally.”
He added also that over the next few months, the technology platform and Point of Sale and ATM infrastructure that are now in place to support the Republic Visa OneCard will give the bank the capability to develop and quickly introduce a wider range of related card products to meet customer’s specific needs and preferences.
Gooding announced also that in the not too distant future, the launch of Republic Online, our Internet Banking platform will add further value by enabling customers to access their account information and conduct transactions from virtually anywhere in the world at any time of the day, in a secure online environment at no additional cost.
He promised that the service has been long in the making and that the company has efficiently tested the new service to ensure its depositors security when using the card.
In his address to the gathering which was held in the Savannah Suite of the Pegasus Hotel Finance Minister Dr Ashni Singh stated that the card enables fast and reliable service to all users. Instead of carrying large sums of money around, it is much safer and secure to use the Visa-One card.
“Being able to use this card internationally and its robust security, is just a foretaste of this card benefits…It also caters for those who would prefer not to incur credit card debt, it afford them the same benefits without any annual fees or interest payment.”
The Minister pointed out that the move by Republic Bank is a real life example of the realizing of a modern Guyana that the government has consistently been talking about.
According to the Minister the new collaboration was significant in the sense that it represents the union between an international brand and a regional brand namely Visa and Republic Bank (Guyana) Ltd. He pointed out too, that in order for the Bank to have successfully collaborated with Visa they would have had to demonstrated stability and a substantial net worth.
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