Western Union and Commercial Bank of Dubai (CBD) are introducing a co-branded prepaid payroll card in UAE.
The CBD Western Union® Payroll Card follows the introduction of the UAE government-mandated Wages Protection System (WPS), which requires that all workers in the UAE receive their payroll electronically – deposited into a bank account or onto a prepaid card.
Although many prepaid payroll cards exist in the UAE, many of the workers who receive their payroll this way are withdrawing cash at ATMs to conduct everyday financial transactions, according to Western Union research. The majority of workers in the UAE are global citizens – people who have migrated from another country. One of the primary reasons they are withdrawing cash is to send money home to their friends and loved ones. In fact, according to the Central Bank of UAE, employees’ transfers abroad increased from US$10.5 billion in 2010 to US$11.2 billion in 2011.
Recognizing an unmet need in the marketplace, Western Union is working with CBD to introduce a payroll card that allows these workers to receive their payroll directly onto the card and send funds directly from the card.
The alliance with CBD is part of the new WU Global Share Platform. This partner platform enables Western Union and local companies to leverage the unique assets of each company to implement innovative stored-value solutions around the globe.
Once available, the card can be used at participating Western Union Agent locations in the UAE to send funds to more than 515,000 Western Union locations in 200 countries and territories. In the future, workers in the UAE will be able to send funds directly from the card online or with their phones, said Frans Jan Burkens, Head of Consumer Banking at Commercial Bank of Dubai.
From Fort Mill Times