Fady Azzy, head of retail business development at BLOM Bank tells Douglas Blakey that the bank’s launch last year of the Uber prepaid card is winning the bank market share gains as well as boosting the bank’s reputation for innovation. But who exactly benefits from this development? As it turns out, everyone
Not just a Lebanese first, and a first in the region, the Uber prepaid card from BLOM Bank is a world first.
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Launched last August, customer feedback has been exceptional and says Fady Azzy, the bank’s head of retail business development, the results have been similarly outstanding.
He tells CI: "We encountered a growth of 386% compared to other prepaid card schemes.
"The new Uber-branded card was offered as a response to do something about Lebanon’s cash-dependent society. At a minimal yearly cost of just $8 and with two free rides worth up to $20, the card is a one of a kind solution enabling everyone to get access to safe, convenient and reliable rides in Beirut as well the 330 other cities in the world where Uber is available."
BLOM’s Uber Visa prepaid card is giving the bank a potent tool to target the country’s unbanked population and customers aged under 18 who cannot hold a credit or debit card.
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By GlobalDataAdds Azzy: "The card is also an immediate winner as a gift card to be given to anyone without the need to open a bank account. The card was developed with the youth segment in mind; their parents want safe and reliable rides for their children, who at the same time lacked the proper payment tool to settle their Uber rides.
"In addition, UberBLOM cardholders will enjoy many perks as they will be benefiting from exclusive offers and promotions from Uber.
"We are currently developing an exclusive loyalty program for UberBLOM cardholders enabling them to accumulate points whenever they use their cards for purchases around the world, online or when ordering an Uber ride. Points can then be redeemed for free rides at any of the 330 cities that Uber operates in."
The bank ran a marketing campaign alongside its BLOM Shabeb, CSR initiative targeted at creating educational and professional assistance to the youth of Lebanon.
Azzy adds that the Uber card is a successful example of the bank’s drive to innovate.
"Innovation should consider the changing needs of customers, changes in the eco-system and be specific to the time in which is it is developed to match the bank’s capabilities and environment."
BLOM rolled out its first prepaid card in 2003; its first picture card followed in 2008, with payroll cards introduced in 2013 and co-branded cards in 2015.
"Prepaid is an excellent product for a number of segments – for millenials, it helps to avoid the risk of overspending but gives the same flexibility as a debit card. It is safe to use for internet payments in an increasingly digital world and is going to continue to grow in popularity with the rise in mobile payments.
"The rising demand for prepaid will ultimately justify the investment needed to improve the product.
"Prepaid cards are at the heart of the new drive in the digital race and will be the perfect platform for many new programmes to be launched."
