RAKBANK Partners with C3 to launch a Prepaid Payroll Card
RAKBANK has announced the signing of an agreement with C3, a Prepaid Card Service Provider, in order to provide C3 with a BIN sponsorship on their prepaid cards to strengthen the C3 payroll offering.
The partnership allows UAE-based companies to provide immediate salary transfers to their blue-collared workers on the C3 prepaid payroll card. This enables RAKBANK to offer payroll solutions for both banked and unbanked employees and companies, thus promoting financial inclusion and opening up new market space for the Bank.
Commenting on the signing, RAKBANK CEO Peter England said: “The partnership with C3 is in line with RAKBANK’s commitment to offer a more holistic banking experience by providing an entry into the UAE’s blue-collared payroll schemes. The Bank has always been at the forefront of a well-defined segmentation strategy to deliver a diverse selection of products & services. If you take a look at RAKBANK’s cards portfolio, you will notice that our vast selection of cards ranging from prepaid, debit and credit cards all provide unique features and benefits that are customised to each income segment.”
The partnership also facilitates C3 prepaid payroll cardholders are able to instantly transfer money to select Asian countries with RAKBANK’s RAKMoneyTransfer remittance service conveniently using the C3 digital mobile application on their Smartphones. In addition, C3 prepaid payroll cardholders are offered loans and other value added services from RAKBANK.
The agreement was recently signed at the Seamless Payment exhibition in Dubai World Trade Centre. Peter England, RAKBANK Chief Executive Officer, and Marwan Hachem, Edenred Managing Director of Africa and Middle East, along with other top management from RAKBANK, Edenred, C3, and Prepay solutions, attended the signing ceremony.