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Financial subscription product allows UAE expats to transfer funds easily
Card-to-card money facilitation aimed at those without a bank account.
November 10, 2013 12:51 by kippreport
A recently launched financial product designed specifically to serve those without a bank account will enable expats, visitors or residents in the UAE to make unlimited amounts of fund transfers for a monthly fee of AED15.
The TransCash MasterCard Prepaid Money Sharing Cards, launched recently by Los Angeles-based financial services company, TransCash Corporation, will allow users in the country to facilitate card-to-card money sharing.
A subscribing customer, who would need to pay an initial fee of AED45, will receive a package containing two cards, a green and red one. Both cards have separate accounts, but they are linked by default to facilitate money sharing between them.
The primary cardholder keeps the green one and gives the red one to the receiver, who can either be UAE-based or overseas. The sender can then load funds onto the green card and send the money instantly to the red card online, over the phone or in through a TransCash kiosk.
The TransCash product is already available in corporate kiosks located in three malls. It will soon be available in various supermarkets, including retail chain ZOOM based in Dubai Metro Stations and EPPCO petrol stations, a statement from the company reveals.
In the UAE, the cards are issued by Finance House PJSC and processed by Network International, under a license from MasterCard International Incorporated.
Bhairav Trivedi, CEO at Network International says that the launch of these prepaid cards is very timely for the UAE market, given the fact that the financial needs of a majority of the unbanked migrant workers have long been under served.
He adds: “The prepaid card also brings a much-needed prepaid payment solution that enhances the overall prepaid experience for residents and visitors alike.”
As well as sending and receiving funds instantly, customers can also use their cards to shop online or in stores at 35.9 million merchant locations worldwide, pay their bills and withdraw cash at more than two million MasterCard ATMs around the world.