"Digital wallet salary option introduced by du Pay to improve financial access for UAE labor force"
Du Pay's "Salary in the Digital Wallet" Feature Boosts Financial Inclusion in the UAE
Du Pay, a subsidiary of the UAE-based telecommunications company, has launched a groundbreaking feature called "Salary in the Digital Wallet" (SITW). This innovative service is set to significantly enhance financial inclusion in the UAE, particularly for workers earning less than AED 5,000 per month who often have limited or no access to traditional banking services.
The SITW feature provides a unique IBAN for direct salary transfers and offers zero-balance digital wallet accounts, enabling this workforce segment to receive salaries directly into a digital wallet accessible via a mobile app or a physical du Pay card for cashless transactions.
One of the key advantages of the SITW feature is that it eliminates reliance on cash, providing instant access to funds for safer, faster, and more convenient digital transactions. Customers can perform a wide range of financial transactions digitally, including bill payments, international money transfers, telecom recharges, and card payments, broadening their financial service options.
The SITW feature aligns with the UAE’s national objectives to boost financial inclusion and digital innovation, targeting the underbanked sector by lowering barriers to entry through zero minimum balance accounts and seamless digital salary disbursements.
For workers earning less than AED 5,000 monthly, the SITW feature delivers several benefits:
- Access to formal financial systems without traditional banking requirements.
- Immediate availability of salary funds via digital wallets and debit cards.
- Ability to carry out a variety of financial transactions digitally.
- Reduced dependency on cash, enhancing security and convenience.
This development marks an important step toward integrating a sizable portion of the UAE’s labor force into the digital economy, thereby supporting financial inclusion and economic participation. Du Pay intends to launch more features to digitize disbursements for UAE employers, furthering its commitment to digitalizing financial services in the UAE.
Customers can obtain a unique IBAN when registering with du Pay, and a physical du Pay card is available for cashless transactions. Du Pay digital wallet services are beneficial for those earning less than AED 5,000 per month, as they offer zero-balance accounts and avoid the need for traditional banking services. The SITW feature is a cutting-edge digital financial service designed to enhance the lives of the workforce in the UAE, supporting the UAE's vision for a digitized and inclusive workforce environment.
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