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If you haven’t got one yet, you should consider getting one sooner than yesterday: ladies and gentlemen these are the 5 things you need before you can start to carry out secure web transactions in a smarter, quicker and faster way using the new UBA new MasterCard.

1. What is it?

The UBA Debit MasterCard is a debit card that gives you the convenience of the UBA Bank and MasterCard network without the dangers of getting into credit card debt. All you need is to load your UBA Bank Account with funds and then you can buy all the things you want and need — shopping, bill payments or everyday purchases.

2. How does it work?

A single transaction may take less than a fraction of a second, but there’s actually a lot going on behind the scenes.

Here’s what happens when you swipe your card:

Point of sale: The point-of-sale machine reads the magnetic stripe on your card to get the account number, expiration date (very, very, very… important) and sometimes the card security code.

Merchant’s bank: That data is transferred to the merchant’s bank (or the bank that runs the ATM in this case UBA) along with the amount of the transaction.

Payment network: The merchant’s bank transfers that information from the transaction to whatever network your debit card runs on, usually Visa or MasterCard (UBA runs both VISA and MasterCard) but in this case we referring to the UBA MasterCard Debit card.

Issuing bank: The payment network sends the transaction data to the bank (UBA Bank) that issued you the debit card. It checks if there’s enough money in your checking account to cover the purchase. If there is, your bank (UBA) approves it. Yikes!

Your checking account: Your bank (UBA) deducts the amount of the purchase from your available balance and adds the charge to your statement.

3.What does it take to get one?

To put you up to speed, like it is for the SIM card, the National ID is now a prerequisite at the banks, so you will need a National ID, passport size pictures, an opening balance of USh 20,000 (for savings accounts) , USh 50,000 (for current accounts).

4.Is it secure?

The card comes with a high end technology chip named EMV to make sure that your money is safe wherever and whenever.

The chip uses a contactless interface meaning integrated circuits can store and process data and communicate with a terminal via radio waves (which of course means contactless – no physical contact with the terminal) which is embedded with a microprocessor circuit with information about the card holder which makes it harder to duplicate by fraudsters.

5.What are the transactional charges involved?

One of the biggest downsides of debit cards is they can quickly generate fees here and there, fortunately with the UBA Debit MasterCard the fees aren’t prohibitive, in fact some are slightly lower than your average Mobile Money transfer charges.

When you transacting on UBA ATM Machines you only charged USh 500, on the over 375 InterSwitch service points you will be charged only USh 1,500, USh 5,000 for MasterCard and VISA card operated ATM machines, USh 7,000 for international ATMs + 1.5% of the amount being transacted at millions of ATM locations worldwide and the great news is when you swiping at Points of Sale in supermarkets, restaurants, bookshops, bars, saloons… its absolutely free.

Now that you armed to the teeth, you can now freely walk in to any of the 11 UBA branches to get yourself one.

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