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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Copyright Business Wire 2013