Commercial Bank has announced that it has partnered with Xpress Money, a global remittance solutions provider, to launch an “easy-to-use” mobile remittance app for the bank’s PayCard customers.
A PayCard customer needs to download the app on his/her mobile phone (iOS or Android) and register a beneficiary with a one-time PIN (OTP) verification and validation process.
The customer will then be ready to send money, check rates, view balance and statements, and change the PIN. The process is fully compliant with Qatar Central Bank regulations. Remitting money via the mobile app has many advantages and benefits to PayCard customers, as it eliminates the need to spend time in long queues at ATMs and exchange houses, the bank has said in a press statement.
“Through Xpress Money, the app has global reach across geographies and customers can remit money in real time, 24/7, in a simple, secure and convenient way at a time and place that suits them,” the statement noted. The sender and the beneficiary will receive an SMS as soon as the money is delivered to “ensure peace of mind”.
Roya Khajeh, AGM and head of Cards & Payments at Commercial Bank, said: “Providing the best client experience through the best people, processes and technology is key to achieving our goal of being the best bank in Qatar. This leading solution is an innovative and exciting development in the remittance process for our corporate PayCard customers.” Sudhesh Giriyan, COO of Xpress Money, added: “Sending money home is the single most important financial activity for many in Qatar. Xpress Money and Commercial Bank believe this new app can significantly improve the quality of life of Commercial Bank’s PayCard customers by making remittances an easy process.”
PayCards are a “cost-effective and efficient” way to pay employees electronically, especially for those earning less than QR4,000 per month. There are several advantages of paying employees directly onto a PayCard compared to traditional cash salaries.
PayCard is based on secure chip and PIN technology typical of other debit and credit cards, significantly increasing security while also helping streamline corporate payroll processing.
Commercial Bank is Qatar’s market leader in PayCards and has been championing PayCard products since 2003, providing corporates and SMEs with a “quick, easy and secure” way of paying their workers.