Dubai: In an effort to expand its market size, a money transfer operator launched on Wednesday a programme that provides UAE customers a guaranteed cash back each time they transact with the company.
The "Xpress Money Rewards Program” offers Dh5 cash reward upon the first transaction and another Dh2 for all subsequent transactions.
In addition to the “cashback” scheme, customers can refer their friends and earn Dh1 each time the friend makes a transaction. They also earn the chance of winning a prize.
Expatriates in the UAE are among the biggest money remitters in the world. Workers from India, Pakistan and the Philippines alone remitted a total of $20.2 billion (Dh74 billion) in 2014.
Customers who want to earn some cash back when remitting money to their home countries need to register with the rewards programme and obtain a card in order to start redeeming some rewards. They can claim the cash once they have stored at least Dh10 in their card. There is no maximum limit for redemption.
"For instance, a customer sending money to India with an accumulated Dh20 on the Xpress Money Rewards Card can remit money free of cost, as the transaction fee to India is Dh15 and there is still Dh5 left on the card. Customers can enroll with the program and collect their card at any Xpress Money agent location in the UAE with a valid ID," the company said in a statement.
Sudhesh Giriyan, Chief Operating Officer, Xpress Money said they believe their rewards programme is a first in the industry. "What we have done is to combine a rewards program with the cause of reducing remittance costs for the customer.”
“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 added.
