Saturday, December 16, 2017
Search for news:

Prepaid Travel card usage in UAE to see double-digit growth, to reach $8.6Bn in 2020

Wall Street Exchange launches multi-currency prepaid card in partnership with Visa

Dubai - United Arab Emirates

Sunday, June 18, 2017
Advertising Info

Prepaid card demand and usage in the UAE is expected to rise as increased number of consumers seek cost-effective electronic payment solutions, with a low-risk of fraud, and flexibility of usage. According to a Research and Markets report on UAE Prepaid Cards Business and Investment Opportunities, the country is expected to record a 15.9 per cent CAGR in the Gross Dollar Value (GDV) of prepaid cards from 2016-2020, reaching over $8.6 billion by 2020.

An ideal substitute for cash, multi-currency prepaid cards are increasingly becoming popular due to customers’ higher degree of control over spending, security features, worldwide acceptance and the lessening impact from exchange rate fluctuations.

In line with its strategy to enhance consumer experience, Wall Street Exchange has launched a reloadable multi-currency Visa prepaid card, powered by Najm, the financial arm of Majid Al Futtaim enabling customers to lock in a favourable currency rate before travel, thereby saving them from being affected by any currency fluctuations. The multi-currency card holders can carry multiple currencies of their choice amongst 12 popular currencies on their overseas travel. The cardholders can create free currency wallets of up to six currencies in the same card and also withdraw cash from any ATM worldwide that accepts Visa.

Sultan Al Mahmoud, Acting Managing Director of Wall Street Exchange, said: “Online payments market in the region is maturing now and consumers are seeking higher security and flexibility in card usage, that makes prepaid cards the preferred option. In prepaid cards, consumers are seeking more innovative features, and Wall Street Exchange is committed to cater to the emerging needs of the users by introducing attractive and innovative features in our cards, along with ease of use.”

“Introducing this card reflects our commitment to offer the best experience to our customers. This is a unique card offering maximum flexibility in use and will assist the way consumers handle cash during travel. Travelers do not need to worry about currency exchange rates, security, or even the hassle of not having cash in case they still need it as they can even withdraw cash using this card,” added Al Mahmoud.

Rasool Hujair, Chief Executive Officer at Najm commented, “As pioneers in the UAE prepaid cards industry, we understand the unique needs these users have. As such, we continuously look to providing partners like Wall Street Exchange with flexible and dynamic programs and platforms for their customers. Being able to combine a mobile wallet with multi-currency options and the security that prepaid products offer, is all about innovating and keeping the customer experience and needs at the center.”

Innovative card features, increase in online transactions and the growing need of financial inclusion of unbanked customers are set to drive global prepaid cards market to rise to $3.7 trillion by 2022, according to a new report by Allied Market Research.