By Shane McGinley
Card can be used like a gift card in retail outlets or for low paid workers to access salary.
Emirates NBD Group has launched a number of prepaid cards, which are aimed at a diverse range of markets, from business executives to labourers and travellers, the bank has announced.
Emirates NBD Group, the biggest banking group in the Middle East by assets, on Tuesday linked up with the Dubai Financial Market (DFM) for the launch of the iVESTOR card.
The card can be used by DFM companies to issue their dividends for the financial year 2009 and beyond. Previously, the 30,000 investors of DFM companies were issued cheques in the post when the dividends were announced.
With the new iVESTOR card the dividend is loaded immediately onto the card and investors can access the funds in the same way that they would use a credit card, debit card or ATM card.
The card can be used anywhere in the world or online through service providers Network International and VISA or at the 110 Emirates NBD branches in the UAE.
“As we all know, cash dividend distribution was always a time consuming process as investors have to wait for cheques to be issued and sent to them by post and then also have to deposit them to their accounts, not to mention the lost cheques and the hassle of issuing a replacement. However, with this innovative solution, dividends of the DFM company will be credited instantly to the card account for immediate access,” said Essa Kazim, executive chairman of the DFM.
This comes on the back of the Emirates NBD MasterCard Prepaid Card, which was launched last week. The prepaid card, which is operated by MasterCard and issued by Emirates NBD, can be used for a number of purposes. It can be used as a gift card in retail outlets or low paid workers – such as construction labourers – can have their salary transferred onto the card and it can be used like a debit card to access funds.
It can also be used as an alternative to cash or cheques when travelling abroad, for online purchases or for executives for company expenses.
It can also be used as a alternative to opening a traditional bank account as salary earners can have their monthly wage transferred on to the card and it can be used as an ATM and debit card. The fees and costs are also a lot less than opening a traditional account as the card is free for life, cash uploads are free and cash withdrawals are only charged if the card is used at non-Emirates NBD ATM machines. The minimum first load is AED500 and minimum reload is AED200. However, the same ID requirements are needed when opening.