Al Ansari Exchange Launches Instant Digital Prepaid Cards to Boost Cashless Economy

Key Highlights :

Al Ansari Exchange has launched instant-use digital versions of its TravelCard and FlexiblePay, which can be accessed via its mobile app.

The digital cards are compatible with popular wallets and are intended to enhance more financial inclusion and cashless transactions in the UAE.

Key Background :

Al Ansari Exchange's step towards digitalizing its prepaid cards is well-timed as the UAE is rapidly transforming into a cashless financial system. With customers increasingly seeking digital-driven solutions, launching these virtual cards aligns with the nation's objectives to do away with excessive use of cash and drive digital payment adoption. Instant issuance combined with international payment network compatibility is a move in response to shifting needs on the part of residents and tourists.

TravelCard, much popular for foreign use, is multi-currency capability and is enabled for international transactions. Foreign tourists are spared the inconvenience of currency exchange and can make foreign payments using the card easily. FlexiblePay, on the other hand, is designed for domestic users who depend on convenient digital payment channels for normal activities such as buying groceries, bill payments, and online shopping.

The process of application and the issuing of the digital cards is a complete app-based process. The customers can get the process done in seconds and use the card without physical contact. This eliminates the conventional hindrances of visits to the branches and waits, ushering in convenience, speed, and safety in managing finances.

Ali Al Najjar, COO of Al Ansari Exchange, underscored that the introduction of the digital card is part of the company's commitment to encourage financial inclusion and bring services within reach of all income levels. It specifically benefits those who do not have easy access to conventional banks, bringing them into the formal digital economy with the use of only a smartphone.

This expansion also complements the company's overall digital strategy. Al Ansari Digital Pay had earlier received the UAE Central Bank approval for running a digital wallet platform. With the regulatory approvals in position, the new digital wallet will enable account opening for virtual accounts, management of funds, peer-to-peer transfers, and issuance of digital prepaid cards. This integrated fintech bouquet will ensure that financial services can be made available in a secured manner.

Fintech division projections are robust. Al Ansari is projecting the digital wallet to rake in huge revenues during the first year, and it is projecting more than 60 percent growth every subsequent year. As its operations continue to digitize, the company is seeking to be a key driver of the UAE's fintech revolution to the advantage of individual consumers as well as business with safe, tech-based financial solutions.