Commercial Bank and Alfardan Exchange have been presented with the regional “Prepaid Card Marketing Campaign of the Year” award during the recently-held annual Visa Prepaid Conference and Awards in Dubai.
The prepaid card behind the award was the Alfardan Exchange Visa Travel Money Card, which was launched in August 2014 in a joint venture between Commercial Bank and Alfardan Exchange.
The reloadable prepaid card was a first-of-its-kind product in the marketplace, allowing cardholders to purchase and hold multiple foreign currencies on one plastic. It can be used to pay for goods and services or to withdraw money from ATMs worldwide, providing a safe and convenient way to carry and manage foreign currencies while travelling.
Dean Proctor, Commercial Bank executive general manager, Chief Consumer & Private Banking, said, “Commercial Bank and Alfardan Exchange are delighted to win this prestigious award and be recognised at a regional level for the launch of our innovative product. By keeping innovation at the forefront of our business, Commercial Bank has a proven track record of raising industry standards and pioneering innovative solutions that keep pace with the changing needs of our market.”
Alfardan Exchange president Fahad Alfardan said, “We are proud and honoured to receive this award. It demonstrates the strategic and positive collaboration between Commercial Bank and Alfardan Exchange by successfully introducing to the market the Alfardan Exchange Visa Travel Money Card to travellers and tourists.
“This initiative reflects our strong commitment towards quality service and excellence, always striving towards innovative concepts for our customers. The award is a testament of our expertise in the industry for more than 40 years and we will remain dedicated in our continued promise in offering the best services to our valued clients. With the outstanding success of Alfardan Exchange Visa Travel Card, we certainly anticipate to introduce more business concepts with similar successes in the future.”
Commercial Bank and Alfardan Exchange were shortlisted for the award after the success of their social media campaign over a three-week period. The social media campaign promoting the prepaid card in Qatar reached more than 140,000 people, including many new customers and resulted in a 32% increase in card sales, as well as an increase in visits to Alfardan Exchange branches across the country.
Powered by Commercial Bank, the Alfardan Exchange Visa Travel Money Card provides a convenient and secure way of carrying foreign currency, rather than taking cash when travelling, and also has the added advantage of being accepted online.
Initial foreign exchange charges are the same, as cash and foreign exchange rates are locked in at the time of sale. Lost or stolen cards can be blocked and replaced for customers’ peace of mind, while used cards can be easily reloaded at any of Alfardan Exchange branches in Qatar, including the branches located in Alfardan Centre, Najma, Al Wakrah, New Rayyan, Industrial Area, and Al Khor.
It also has a secure account website and mobile App that can be set up by the customer, giving the customer real time access to all the required information about his spending, and also enables him to switch funds between different currencies, depending on travel plans.