Wall Street Exchange, the leading money transferor in the region is promoting its efficient employee salary transfer scheme to the SME market with a free registration period. The “Paytime” card was introduced by Wall Street to enable employers to adhere to the Wages Protection System introduced by The Ministry of Labour and Central Bank of UAE. The service ensures the timely payment of wages for blue collar workers, and also boasts a wealth of benefits for employer and employees alike.
Wall Street Exchange expects take-up by the SME sector to increase considerably during the free service period as more companies realise the benefits of paying their staff in this efficient way which boasts a wealth of benefits for employer and employee alike.
Commenting on the move to offer free registration on Paytime, Mr. Sultan Bin Kharsham, Managing Director of Wall Street Exchange said, “Since the WPS covers all institutions registered with the Ministry of Labour across all sectors and industries, we have received a favourable response from many interested parties who want to secure Paytime cards for their employees after learning that there are no registration charges. In the digital age, this initiative is a superb example of how Wall Street Exchange works hard to meet the evolving needs of the SME market. When the promotional period ends each card will cost 10 Dhs per employee, so there are substantial savings to be made over the next few weeks, especially for larger SME companies.”
Paytime involves a number of benefits for employees like free basic medical insurance, free cash withdrawal from over 650 NBAD ATMs across the UAE, SMS notification, free salary deposits to any Wall Street branch or bank accounts, cash withdrawal or purchase facility available locally and globally, free online portal for WPS, non-WPS bank account transfers, free bank account opening, cashless camp remittance facility, free initial deposit, free cash withdrawals and cash withdrawals that equal to less than AED100.
Benefits for employers include email notification, minimisation of efforts and time spend on salary disbursal physically and cash deposit option through CDM. Paytime card holders can make transaction enquiries by texting “Paytime” to 6556 where only the standard fee for the service provider applies without any additional charges.
