UAE Exchange to launch virtual card service

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ATMs, swiping machines and smart cards — things that are associated with money transactions — might become redundant in the near future thanks to a new virtual card being launched by the UAE Exchange & Financial Services, a major player in the remittance business.

In a technological innovation that might revolutionise e-commerce, broaden financial inclusion and eliminate the hassles of cash and card payment, the UAE Exchange is introducing a virtual card payment service called XPAY. The product will help customers make mobile or internet payment for utilities and merchant establishments at zero transaction cost.

Developed in-house, XPAY is a pre-paid virtual card that will eliminate many payment formalities like SMS, e-mail or swipe. “We could launch this following the RBI order permitting NBFCs to issue pre-paid card under the payment and settlement Act”, said V George Antony, country head-India, UAE Exchange.