Global money transfer company Xpress Money on Wednesday launched a first-of-its-kind programme in the UAE that provides customers a guaranteed cash-back each time they send money home.
The new service, the Xpress Money Rewards Programme, aims at reducing transaction costs to remitters and will offer an AED5 instant cash reward on the first transaction after they enrol for the scheme and obtain a card. The customers will get AED2 for all subsequent transactions.
In addition to the rewards upon remitting money, the rewards programme also offers a referral scheme that allows enrolled customers to refer their friends and gain AED1 each time their friends make a transaction.
“We believe that this is an industry first – what we have done is to combine a rewards program with the cause of reducing remittance costs for the customer. Time and again we have reiterated our commitment to contribute to this cause and this ‘Xpress Money Rewards Program’ is a reflection of our endeavour in that direction,” says Sudhesh Giriyan, Chief Operating Officer, Xpress Money.
Xpress Money has a presence in more than 150 countries with nearly 170,000 agent locations with more than 55 per cent of its business coming from the Middle East region.
The UAE tops the remittance market in the region and is the third largest country for remittances in the world, because 85 per cent of the population is made up of expats. The country saw a total remittance of $29.25 billion last year.
With the new programme, customers can redeem the cash-back money once the rewards accumulated in their card reach at least AED10 with no maximum limit for redemption.
“We are confident that this is a significant value add and our customers as well as the industry will look at this as a positive move. The ‘Xpress Money Rewards Card’ has debuted with the cash-back, but we do not plan to stop there. We are working with various partners to offer a bouquet of value adds through the card be it discounts or other promotions,” adds Giriyan.