Western Union, Commercial Bank of Dubai to Introduce Prepaid Payroll Card in UAE
03 7월 2013 - 6:00PM
Business Wire
Western Union (NYSE: WU), a leader in global payment services,
and Commercial Bank of Dubai (CBD) today announced they will work
together to introduce a co-branded prepaid payroll card in the
United Arab Emirates.
The CBD Western Union® Payroll Card, which is expected to be
available this summer, 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 card that allows these workers to
receive their payroll directly onto the card and send funds
directly from the card.
“We are already collaborating with CBD on a service that allows
their customers to send money directly from their bank accounts,”
said Jean Claude Farah, senior vice president, Middle East and
Africa, Western Union. “Now, with this new card, workers in the UAE
will have yet another convenient way to conduct one of their
primary financial transactions – sending money home to their loved
ones.”
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.
“With this card, workers in the UAE can send money transfers
directly from their prepaid cards without facing the inconvenience
of waiting in long queues at ATMs to withdraw cash and send money
as they did before,” said Souheil Yammine, Head of Cards from
Commercial Bank of Dubai. “Now all they have to do is receive their
payroll on the CBD Western Union Payroll Card, visit a
participating Western Union Agent location and use the card to
transfer money directly from the card.”
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.
For more information about Western Union’s prepaid products and
solutions, including the CBD Western Union® Payroll Card, visit
www.wuprepaid.com/storedvalue.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global
payment services. Together with its Vigo, Orlandi Valuta, Pago
Facil and Western Union Business Solutions branded payment
services, Western Union provides consumers and businesses with
fast, reliable and convenient ways to send and receive money around
the world, to send payments and to purchase money orders. As of
March 31, 2013, the Western Union, Vigo and Orlandi Valuta branded
services were offered through a combined network of approximately
515,000 agent locations in 200 countries and territories and
approximately 100,000 ATMs. In 2012, The Western Union Company
completed 231 million consumer-to-consumer transactions worldwide,
moving $79 billion of principal between consumers, and 432 million
business payments. For more information, visit
www.westernunion.com.
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