UAE – Mint Middle East (MME) has announced the launch of a multi-currency prepaid travel card that is set to make carrying money while travelling a hassle-free experience.
The company has also launched a customer verification solution that will strengthen the ability of financial institutions to keep an accurate record of their customers.
“We are excited to present the multi-currency travel card and Assisted Know Your Customer (KYC) to our stakeholders in the UAE. The payments industry is constantly evolving and is in need of robust digital solutions that don’t only facilitate easier digital payments, but also keeps them secure,” said Abdulrazzaq Al Abdullah, chairman and CEO of Mint Middle East. “The multi-currency prepaid travel card and mobile application will ensure that our travelling customers are never faced with a situation where they’ve run out of money or when an exchange house is unavailable. Furthermore, the Assisted KYC solution is a comprehensive authentication service for financial institutions so they onboard and retain more customers with an accurate record of their identity. This is will help them align with the safety and authentication mandates from UAE’s Central Bank.”
The UAE has seen sharp growth in outbound travel during the recent years. According to recent research, around 7.6 million outbound travels were there during the last year. Currently, around 55 per cent of the travel expenses are cash-based, which amounts to a total of $10.4 billion of the total outbound travel expenditure of $19 billion. Multi currency travel cards are a safer alternative to carrying cash and take the worry out of travel for customers while travelling abroad.
Mint aims to capture a large market share, with the introduction of multi currency prepaid card solutions for the exchange houses that will enable them to serve their travelling customers with a multi-currency prepaid card and mobile application. The application will allow up to 25 currencies for the linked multiple accounts with six active currencies. Users will be to load multiple currencies onto a single card, allowing them to use the currency of their choice while travelling abroad. The customer will also be able to view their balance or see their transaction history.
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