Global Retail Banking Innovation Awards 2020: Bank One voted “Credit Card of the Year”
Bank One is pleased to announce that it has been awarded the title of “Credit Card of the Year” for its maiden participation to the Global Retail Banking Innovation Awards 2020 organised by the Digital Banker. The Global Retail Banking Innovation Awards recognise and celebrate the world’s preeminent retail banking institutions and the contribution of their teams to the industry.
Shehryar Ali, Head of Retail Banking at Bank One says: “We are delighted to receive the award for the “Credit Card of the Year 2020”! It is a proud moment for Bank One and I congratulate our entire team on achieving this impressive feat. Our incomparable cashback offering, social and environmental contribution via the contactless feature and zero annual fees* have certainly enhanced our unique value proposition. We are committed to further developing our payments menu with the ultimate objective of enriching the greater ecosystem and making payments contribute to our social and environmental wellbeing”.
Bank One launched the first cashback credit cards in Mauritius back in 2019, whereby customers get a monthly cashback when they pay with their Bank One VISA Credit Cards. Unlike other card loyalty programs, the cashback does not require cumbersome processes in order to claim for gifts and rewards. The cashback is calculated automatically and credited to the customer's credit card account every month. In addition, customers are also eligible for a waiver on annual fees subject to a minimum yearly spending. Since the launch of the cashback program, a total cumulative amount of MUR 6.8 Million has been disbursed.
Moreover, following the COVID-19 pandemic, Bank One raised its contactless payment limits thus allowing customers to make use of contactless payments for their daily purchases whilst preventing the spread of the Coronavirus by eliminating the need for customers to touch the payment terminals. As an incentive for customers to adopt the new mode of payment, Bank One made a MUR 2 contribution on their behalf to the COVID-19 Solidarity Fund for each contactless transaction.
“Since the pandemic and the lockdown in Mauritius, we have witnessed an accelerated rate at which the migration is taking place between cash and card payments. At Bank One, contactless transactions have grown by over 400% since March 2020. The health and safety of our customers is of paramount importance to us and that is the reason why we trebled our contactless limits. I think that it is only a matter of time before Mauritius becomes predominantly a cashless society,” adds Shehryar Ali.
* Subject to a minimum yearly spending