Expat alert: New 'cashback' can lower remittance cost

(From left) Arvind Mylar, Vice President, Business Development, MEASA and CIS; Sudhesh Giriyan, COO, Xpress Money; and Ashwin Gedam, Vice President, Global Marketing and Communication, at the launch of the new cashback plan in Dubai for the UAE expats (Supplied)

In the competitive remittance market of the UAE, companies are increasingly looking to attract more customers to expand their revenue base.

Taking a cue from retailers and banks, remittance firm Xpress Money has launched a programme that offers customers cashback on their transactions, reducing their cost for remitting money.

In a media statement, the firm said that customers who enroll for the programme get a Dh5 cashback on their first transaction, and Dh2 for subsequent transactions.

“We believe that this is an industry first – what we have done is to combine a rewards programme with the cause of reducing remittance costs for the customer,” said Sudhesh Giriyan, Chief Operating Officer, Xpress Money.

The programme also has a referral scheme wherein enrolled customers get a Dh1 cashback every time their referred person remits money. The firm said there was no limit on the number of referrals one customer could bring in.

The minimum amount that a customer can redeem as cashback is Dh10 (accumulated), with no maximum limit for redemption.

Remittances from UAE to India totalled $12.5 billion last year, making the UAE-India corridor the fourth largest remittances corridor in the world. India was followed by Pakistan, Philippines and Bangladesh.

“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. We are working with various partners to offer a bouquet of value-adds through the card, be it discounts or other promotions,” said Giriyan.


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