MUSCAT -- BankMuscat SAOG has launched the country's first pre-paid salary transfer card. Branded the 'My Money' card, the pre-paid salary transfer card is for use by employers who currently pay monthly salaries or wages by cash. The pre-paid salary transfer card takes away all the laborious administrative and procedural activities involved in paying out salaries in cash and also eliminates the risk associated in cash distribution.
Speaking on the occasion, Sulaiman al Harthy, Deputy General Manager, BankMuscat SAOG said: "Banking the world over is moving towards empowering the business and the individual customer. The 'My Money' salary transfer card is meant to help employees who currently get paid in cash manage their finances far more effectively.
This we also believe, will help employers manage their administrative duties far more efficiently and cost effectively. The 'My Money' salary transfer cards provides the flexibility and convenience of plastic money to a target segment where research has conclusively shown there is a real need felt by employers and employees alike." Once an employer signs up with BankMuscat for this arrangement, the 'My Money' cards are issued to all employees. Subsequently the company can simply credit their employees' salary to their respective 'My Money' card accounts. The 'My Money' card also provides improved security to employees, as they do not need to carry large amounts of cash for their daily dealings.
Additionally, the 'My Money' card offers many other advantages to employees: unlike a banking account, the 'My Money' card does not require the customer to maintain a minimum balance in his card account with the Bank. Customers using the 'My Money' card enjoy around-the-clock access to their funds through the Bank's e-channels like ATMs on which no charges are levied for cash withdrawals. The 'My Money' card operates as a pre-paid VISA electron card and can be used at any VISA ATM and POS terminal anywhere around the world.
The card can also be used for making payments for shopping, groceries, medical expenses etc. through any merchant outlets accepting VISA cards. There are no additional charges levied for making payments through such merchant outlets. With the 'My Money' card, employers can now do away with making salary payments in cash and enjoy the benefits associated with this card, even as employees get to experience the fruits of their money more effectively.
By Staff Reporter
© Oman Daily Observer 2006
