RAKBANK teams up with C3 to launch prepaid payroll cards

Print

Email

RAKBANK, also known as The National Bank of Ras Al Khaimah (P.S.C), based out of UAE has partnered with payroll card service provider C3, to provide BIN sponsorship on C3 cards to strengthen its services. The agreement was signed at Seamless Payment exhibition in Dubai World Trade Centre. This agreement will allow UAE companies to make immediate salary transfers to blue-collared workers on C3 prepaid payroll card. RAKBANK will be able to offer payroll services to banked as well unbanked population. On other hand, C3 prepaid payroll card holders will be able to make instant fund transfers to selected Asian countries through RAKBANK’s RAKMoneyTransfer remittance service available on C3 digital mobile application. C3 payroll card holders will also have access to other value added services and loan offerings from RAKBANK.

In UAE cash transaction are predominant. However, it was estimated that value of cash transactions declined by 1.6% and card payments are likely to increase by 14% in coming years. Government of UAE has shown positive interests in promoting cashless economy last year by singing a memorandum of understanding (MoU) with 16 popular banks of the country to develop mWallet solution.

With this partnership it can be expected that the payroll prepaid card segment in UAE will receive a positive boost. RAKBANK is expected to diversify its products and services line with this partnership while C3 will strengthen its foothold in UAE market with this approach.

According to PayNXT360, payroll prepaid card market in terms of transaction value is expected to record a CAGR of 24.4% during 2017-2021 to reach US$ 1,385.9 million by 2021, increasing from US$ 578.0 million in 2017.

To know more and gain deeper understanding of prepaid card industry in UAE, click here