Salary Disbursals Through Mobile Exchange; First-Of-Its-Kind in the Market
Dubai, 18 May 2017: UAE Exchange, the leading global remittance, foreign exchange and payment solutions brand, is bringing its financial services to the doorsteps of its customers.
Smart Pay, the wages protection system (WPS)-compliant payroll solution of UAE Exchange, is introducing the Mobile Exchange facility for the employees of its corporate clients to withdraw salaries literally from anywhere. This new initiative was brought into operation on the occasion of the 11th anniversary of Smart Pay. The first transaction was conducted at Le Meridian Hotel, Dubai.
The Mobile Exchange is a first-of-its-kind initiative in the UAE. As a pilot, the Mobile Exchange will travel across Dubai only. It will be stationed at key locations, reaching out to all major labour camp areas. Customers can withdraw their salaries during their visit to the mobile exchange.
During the launch, Promoth Manghat, CEO, UAE Exchange Group, said: “We have always been a technology-driven and customer-centric entity. Smart Pay was one of our revolutionary products, which combined technology with convenience, enhancing customer experience, especially for those in the lower rung of the economic pyramid. Today, with the introduction of the Mobile Exchange, we have taken the convenience further by bringing the salary disbursal service right at customers’ doorsteps. As Smart Pay completes 11 years today, I believe this is the best gift which the brand can bring to its end users. I thank the regulators, our principal partner MasterCard, customers and well-wishers on this occasion.”
Smart Pay was first launched by UAE Exchange in 2006 as a solution to the customers’ challenges in getting salaries as cash on time. Today, it has become an effective compliant, transparent and reliable mechanism in streamlining the salary disbursal process both for the corporate employers and their employees. Smart Pay also offers cost-effective customisable payroll solutions to organisations which are WPS-compliant and are located in free-zone areas.
In 2009, Smart Pay joined hands with the UAE Ministry of Labour to promote and educate the various corporates on the newly-launched WPS. And in 2010, Smart Pay Payroll card was introduced by UAE Exchange which enabled the corporate employers to easily credit the salaries to the pre-paid card while the employees could withdraw their salaries through the card anywhere anytime.
In terms of business, Smart Pay has strengthened year-on-year, with nearly 6 million salaries disbursed each year that amounts to approximately AED 9 billion. It offers its customers with various value-added services and has also invested in revamping its Smart Pay portal to make it more user friendly – both for the employer and employee.
Smart Pay is also coming up with additional features like the Reward Programmes and standing instruction mode of remittance that is bound to further enhance the customer experience.
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