MCB Lite prepaid card and Faysal Digibank virtual cards are Pakistan’s two most popular prepaid cards. Payoneer allows users in Pakistan to order a prepaid debit card in any of the available currencies.
Digital banking in Pakistan is slowly paving its way among the masses. With a penetration rate of 24.34% in 2018, there is high potential for growth in the country’s banking sector.
Debit cards are Pakistan’s most popular bank cards, followed by ATM cards. Credit cards are less popular in the country mainly due to their involvement with interest. Another type of bank card offered by some banks in the country is the prepaid card.
This article discusses the purpose of prepaid cards and lists the six available options in Pakistan.
What Are Prepaid Cards?
Prepaid cards are debit cards that have been pre-loaded with cash. Users can only use the available credit in their cards, making them a great choice for limited spending.
Though prepaid cards are a type of debit card, they are not the same. Unlike debit cards, prepaid cards do not have direct access to your bank account. Instead, users load their prepaid cards with a certain amount they want. Without pre-loading, your prepaid card is useless.
Prepaid cards usually expire one year in contrast to debit cards which are good for five years. In prepaid cards, the loaded amount serves as a spending limit which stops users from overspending their money.
Best Prepaid Bank Cards in Pakistan
Only a few banks, such as Faysal Bank and MCB, offer prepaid cards in Pakistan. Dubai Islamic Bank Pakistan also allows users to order their Prepay debit cards.
Prepaid cards are less popular in Pakistan compared to debit or credit cards. A limited number of banks offer these cards.
The available options for prepaid debit cards in Pakistan are listed below.
1. UBL Wiz Card
UBL was the first bank in the country to offer prepaid cards to its users. The UBL Wiz prepaid debit card is designed for security and convenience. Powered by Visa or Mastercard, the prepaid card can be used locally and internationally.
UBL account users can apply for a UBL Wiz via their digital banking app. To order your card, follow these steps.
Open your UBL app and log in. Click on the Accounts tab at the bottom left on the main page.
Now, click on Card Management to open the debit and credit card management tab.
Click on the Request Card option on the top-right of the page.
Now, click on the Virtual Wiz option to order your prepaid card.
If you possess a UBL Wiz card, select yes and enter the card number. If ordering for the first time, select no and click Next.
Enter the required amount you want to load into your prepaid card. Bear in mind that the card charges and Federal Excise Duty will be deducted from your deposit. Click on Proceed to Pay.
Check the details and click on Confirm to order your virtual Wiz card.
You can use your UBL prepaid card for ATM withdrawals, online payments, and POS purchases.
Even though it was the first prepaid card in the country, the UBL Wiz card has failed to impact Pakistan’s banking sector significantly.
2. MCB Lite
MCB Lite is one of the most popular prepaid cards in Pakistan. The prepaid card was launched in 2014 and is accessible via the MCB Lite mobile app. Users can apply for an MCB Lite mobile wallet via their app or by visiting the Lite-enabled branches of MCB bank.
The mobile wallet allows users to order the MCB Lite prepaid card, which can be used for online payments and ATM withdrawals. Users must not be MCB bank account holders to register with the app.
Users have reported few bugs in their app, making it a better choice to register it face to face at their branches. There are no additional charges except an annual fee and duties. You can find the Lite-enabled branches here.
MCB Lite is an excellent prepaid card for internet banking. Users can load as much as they want to spend on their card and use it wherever required.
The prepaid card is powered by Visa, making international payments easier.
The initial maximum limit of the card is PKR 200,000 annually, which can be increased by visiting the MCB Lit branches.
3. Faysal Digibank Virtual Card
Faysal bank is one of the largest Islamic banks in the country. Powered by Mastercard, the Faysal Digibank Virtual card is a prepaid card offered to Faysal Bank account holders.
The card allows users to make online payments, shop on ecommerce sites, make purchases on Playstore and App Store, and pay bills.
Faysal Digibank Virtual card can also be used for ATM withdrawals and POS payments wherever Mastercard is accepted.
To create your virtual prepaid card, log on to your Faysal Digibank account via internet banking or mobile app. Click on the virtual card option and enter your desired transaction limits. Once you have created your card, you can use it like any debit card with just a touch of your finger.
Currently, there are two types of virtual prepaid cards offered by Faysal Bank – one-time cards and reloadable cards.
One-time cards are prepaid cards with a fixed limit that cannot be changed. These cards cannot be reloaded and expire after a single use.
Reloadable cards are prepaid cards that can be reloaded and used multiple times within a six-month expiration period.
Users can make 10 transactions per day and a maximum of 100 transactions per month with reloadable prepaid cards.
4. Allied EZCash Prepaid Card
In 2017, Allied Bank launched the Allied EZCash prepaid card to provide a debit card to unbanked individuals in the country. The prepaid card is co-powered by UnionPay International and PayPak, making it great for local and international payments.
Users do not have to be Allied Bank account holders to get the EZCash prepaid card; these cards can be obtained by visiting any Allied Bank branch.
Users can top-up their prepaid cards by visiting any branch or using the transfer of funds facility (Allied Bank users only). Users must have a valid CNIC and phone number to order this card.
The maximum limit of the prepaid card is PKR 500,000 for biometrically verified customers and PKR 100,000 for NADRA Verisys verified customers.
5. DIB Prepay Debit Card
Dubai Islamic Bank is Pakistan’s only international bank to offer prepaid cards. The DIB Prepay debit card is an Islamic prepaid card available only to DIB bank account holders. The prepaid card is powered by Visa and can be used for international and local payments.
Users can order the DIB Prepay cards via the DIB mobile app or internet banking. The card can be reloaded by IBFT and has a one-year expiration date. Each customer can order a maximum of 10 Prepay cards per account.
Users will not be able to use the DIB Prepay cards at non-Shariah-compliant stores and retailers such as Casinos.
6. Payoneer Prepaid Debit Card
Payoneer is one of the most famous international virtual banks in the world. The digital bank allows users in Pakistan to open accounts in various currencies, which can be used to receive, send, and transfer money globally.
Payoneer account holders can order prepaid cards in any available currency. To order it, log on to your Payoneer account and click on the Banks & cards tab.
Select Payoneer Cards from the options.
Click on Order Now, and you will be directed to the card-ordering page.
Users can choose either a virtual prepaid card or a physical one. Here, I am selecting the virtual card. Click on Next.
You can choose any of the available currencies in your account. I have selected USD. Click on Order Now.
You will get your Payoneer virtual prepaid card which you can manage from your Payoneer account.
Conclusion
Prepaid cards are not well-known, mainly due to the popularity of debit cards. Several banks and digital wallets are now allowing users to put spending limits on debit cards online, making prepaid cards almost redundant.
However, one of the best things about prepaid cards is that users do not have to be bank account users to get these cards. Prepaid cards aid in online transactions, merchant payments, and ATM withdrawals.
Some cards charge significant loading and withdrawal fees. Payoneer is currently the only international digital bank offering prepaid cards to Pakistanis. Though banking is growing rapidly in Pakistan, prepaid cards are slowly fading away.
You may find useful these articles about digital banking in Pakistan:
- 6 Types of Bank Cards in Pakistan 2023 (Established and New)
- 4 Online Ways to Get Virtual Bank Cards in Pakistan (2023)
- 12 Most Popular Payment Methods in Pakistan (2023)
- JazzCash or Easypaisa? (The Two Largest MFBs in Pakistan)
- Does Easypaisa Work Internationally? (All The Answers 2023)
- 2 Ways to Send Money from Easypaisa to JazzCash (Guide ’22)
