Western Union Debuts Payroll Card in U.A.E., New India Transfer Service (July 9, 2013)
July 9, 2013
Money transfer giant Western Union Co. continues to expand its payment product offerings and grow its global footprint, unveiling a new payroll card in the United Arab Emirates and money transfer services in India.
In the U.A.E, Western Union and Commercial Bank of Dubai have announced a new, co-branded prepaid payroll card set to debut this summer. The CBD Western Union Payroll Card will enable cardholders to send international remittances directly from the card via Western Union money transfer locations and eventually online or via mobile phone.
Remittance capability is especially important in the U.A.E., where many workers are from outside the county and often send money to family and friends in their home nations, Western Union said. In 2011, U.A.E.-based employees sent $11.2 billion in remittances, up from $10.5 billion in 2010, according to the Central Bank of the U.A.E. These remittances often are in the form of cash, requiring senders to first withdraw funds from a bank account or cash a paycheck. “With this card, workers in the U.A.E. 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, Commercial Bank of Dubai.
In India, Western Union will begin enabling money transfers from the U.S. and U.K. directly to bank accounts in India via the Western Union Website, smartphone app or agent locations. The company also launched a domestic money transfer service that will enable Indians to send money directly to bank accounts, thanks to a deal with Kotak Mahindra Bank. The service will be available at 500 retail locations throughout the country.