With expatriates in the Gulf country making more than half of the population, the remittance market in the UAE is key. Competing companies have looked at different venues to attract more customers in order to expand their revenue base, Emirates 24/7 reported.
Remittance firm Xpress Money has introduced a new program, which has been called “an industry first," that will offer customers cashback on their transactions, possibly reducing the usual transaction cost.
In a statement released Friday, the firm noted that enrollees will get a 5 dirham cutback on their first transaction, which will be reduced to 2 dirhams for subsequent transactions. Enrolled customers, as part of the program’s unlimited referral scheme, will be able to get a 1 dirham cashback every time their referred person remits money.
“What we have done is to combine a rewards programme with the cause of reducing remittance costs for customer,” said Sudhesh Giriyan, chief operating officer of Xpress Money.
The minimum cumulative redeemable cashback amount, according to the firm, is 10 dirhams, with no maximum limit.
“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,” Giriyan said. The COO hinted that the firm has started to look at various partners that will give the cardholder access to different discounts and promotions.