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Dubai, March 24, 2016: The UAE and region’s first EMV® prepaid salary card has now been jointly issued by UnionPay International together with Mint and other local leading institutions. As the world’s fastest-growing international bankcard scheme, UnionPay provides high-quality, cost-effective and secure cross-border payment services to the world’s largest cardholder base. Through UnionPay’s recent prepaid salary cards, banks in the UAE can now offer workers secure and advanced payment services conforming to the country’s Wage Protection System (WPS), at economic costs.
By using UnionPay prepaid salary cards, workers can benefit from a wide set of privileges similar to those of regular electronic banking including global withdrawal, global Point of Sales Purchases, and abundant exclusive discounts and privileges offered by UnionPay globally. Cardholders will have global access to their finances as well as the ability to withdraw cash from their home country. This card issuance runs in line with UnionPay International and the country’s aim to empower the labor segment through the Wage Protection System, a system by the Central Bank of the UAE developed to better protect labor.
Likewise, prepaid salary cards have been issued by a number of financial institutions in the UAE but this one represents the first of its kind based on EMV® and contactless card technology. Additionally, hundreds of thousands of UnionPay prepaid salary cards are expected to be issued under partnerships with local banks.
Mr. Hua Young GE, Chairman of China UnionPay commented: “This partnership will offer local residents a more secure and convenient payment experience; it will also promote our local partners to provide more innovative and better financial services, thus realize win-win results. UnionPay, together with Mint and other mainstream institutions in the Middle East, will continuously expand the acceptance scope of UnionPay cards, enlarge the card-issuing scale, and achieve breakthroughs in online payment, mobile payment and other innovative businesses.”
By using UnionPay prepaid salary cards, workers can benefit from a wide set of privileges similar to those of regular electronic banking including global withdrawal, global Point of Sales Purchases, and abundant exclusive discounts and privileges offered by UnionPay globally. Cardholders will have global access to their finances as well as the ability to withdraw cash from their home country. This card issuance runs in line with UnionPay International and the country’s aim to empower the labor segment through the Wage Protection System, a system by the Central Bank of the UAE developed to better protect labor.
Likewise, prepaid salary cards have been issued by a number of financial institutions in the UAE but this one represents the first of its kind based on EMV® and contactless card technology. Additionally, hundreds of thousands of UnionPay prepaid salary cards are expected to be issued under partnerships with local banks.
Mr. Hua Young GE, Chairman of China UnionPay commented: “This partnership will offer local residents a more secure and convenient payment experience; it will also promote our local partners to provide more innovative and better financial services, thus realize win-win results. UnionPay, together with Mint and other mainstream institutions in the Middle East, will continuously expand the acceptance scope of UnionPay cards, enlarge the card-issuing scale, and achieve breakthroughs in online payment, mobile payment and other innovative businesses.”
Note：EMV® is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV Trademark is owned by EMVCo, LLC.
