Mashreq signs deal for new salary payment card

UAE-based C3 Card announced on Sunday it has signed an agreement with Mashreq to provide electronic payroll solutions for low wage earners that is compliant with the Ministry of Labour’s Wages Protection System (WPS).

The company said the payroll solution would allow customers to process salary payments electronically and provide employees with a secure, efficient and convenient platform through which to receive their wages.

Each employee’s salary will be automatically loaded onto his/her card as a direct transaction, enabling companies to make accurate and timely salary payments, C3 Card said in a statement.

Employees would have immediate access to their money through ATMs across the UAE and region and can also make purchases at enabled point of sale store terminals, it added.

Anas Zaidan, general manager, C3 Card said: “As the first authorised agent to go live with the WPS system, C3 Card has demonstrated its intention to support the Ministry of Labour’s programme and positively contribute to the measures it is implementing to safeguard the rights of low-wage earners.”

The WPS was launched earlier this year by the Ministry of Labour and the Central Bank as an initiative to safeguard workers’ wage payments via transfers through selected state financial institutions.

In the first phase of the programme companies with more than 100 workers must comply fully with the system by the end of November. Institutions with 15-99 employees have until February 2010 to comply while those with less than 15 employees have a deadline of May 31, 2010 to implement the system.

Omar Saleem Asghar, Head of Wealth Management, Mashreq said, “This new, innovative solution will further enhance our extensive range of business services and will better meet the needs of our diverse customer base.”

C3 Card said it was planning to expand its operations in Saudi Arabia and other GCC countries.

Rabih Sfeir, Director, C3 Card, said that C3 Card was currently in negotiations with other key financial institutions to further expand the service across the UAE.

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