In a sign of continuing global acceleration of utilizing prepaid as a tool for underserved communities, Dubai-based fintech VaultsPay is partnering with Wibmo to provide a new prepaid platform in Gulf Cooperation Council (GCC) countries. Further details are included in the announcement:
“Operating as a closed loop platform, with use on the VaultsPay platform, the new pre-paid card will specifically help meet the ease of financial transactions of blue-collar workers, who may not have bank accounts, and have less resources for online transactions.”
GCC and other countries in the Middle East are particularly susceptible to large disparities of income and access, creating additional need for innovative use of prepaid platforms:
“According to the Arab Monetary Fund, 79 per cent of the MENA region’s young adults are unbanked, there is a gap of over 23 per cent between women and men in accessing financial services, and 72 per cent of the poorest citizens can benefit from financial inclusion.”
The Wibmo and VaultsPay partnership will be serviced through employers who can issue prepaid cards to employees. Utilizing SaaS platforms will enable accelerated implementation, providing both employees and employers added benefit, and take steps forward to assist underserved communities access needed to operate in an increasingly cashless society.
Overview by Jordan Hirschfield, Director, Prepaid Advisory Service at Mercator Advisory Group