TransCash Corporation, a financial services company based in Los Angeles, California, USA, today launches the TransCash MasterCard Prepaid Money Sharing Cards, a unique financial product which facilitates money sharing from card to card, in the United Arab Emirates.

“The TransCash MasterCard Prepaid Money Sharing Cards are especially designed for guest workers who do not have a bank account and want to send money home” said Ali Al Ghaith, Partner and Managing Director of Manayer Marketing Management LLC and Manayer Electronic Cards Trading LLC in charge of marketing and distributing the TransCash cards in the United Arab Emirates.  In addition, UAE nationals and other Middle Eastern travelers can benefit from the many financial advantages available with the TransCash product.

The TransCash MasterCard Prepaid Money Sharing Cards are sold prepackaged in sets of two. Both cards have a separate account but they are linked to facilitate money sharing from card to card. The primary card holder keeps the Green card and gives the Red card to his or her immediate family member (spouse, parent or child) who can be located in the UAE or overseas.

The cardholder with the Green card can load funds into the Green card and then move funds to the Red card; online, over the phone or at a TransCash kiosk. The funds on the Red cards are immediately available. Best of all, this service is included for an attractive flat monthly fee set at AED 15 during the initial phase.

Cardholders can also use their account to:

• Shop in store, online and more! Both cards can be used at over 35.9 million merchant locations, online and at over 2.1 million ATM’s anywhere MasterCard prepaid cards are accepted worldwide
• Pay bills online, over the phone or in person.
• Withdraw cash at 2.1 million MasterCard ATMs worldwide
• Load their Green cards in the TransCash kiosks, at retailer’s shops and in more than 450 Maxbox Cash deposit machines across UAE.

In UAE, TransCash MasterCard Prepaid Money Sharing Cards are issued by Finance House PJSC and processed by Network International under a license by MasterCard International Incorporated.

“The launch of TransCash prepaid card is very timely for the UAE market, given that the financial needs of a majority of the unbanked migrant workers have long been under served,” said Bhairav Trivedi, Chief Executive Officer at Network International. “The prepaid card also brings a much-needed prepaid payment solution that enhances the overall prepaid experience for residents and visitors alike. We are proud to partner with TransCash as the payment processor for a product, which we are confident will transform the manner in which prepaid transactions are processed in the market.”

Headquartered in Abu Dhabi, with branches covering Dubai and Sharjah, Finance House PJSC, ensures the BIN sponsorship for TransCash by issuing the TransCash cards for the region. “Our credible reputation in the UAE market has underlined the partnership with TransCash, MasterCard and Manayer Marketing Management LLC. The trust placed in our company to present TransCash in the UAE market, gives us an additional motivation to be up to the challenge in order to exceed our partners’ expectations,” says Mohammed Wassim Khayata, Group Chief Operating Officer of Finance House.” “We see a great potential in this partnership, by serving the common goal of all parties, which is providing top caliber financial products to UAE customers.” Khayata concluded.

The TransCash product is already available in TransCash corporate kiosks located in 3 malls. It will soon be available in Supermarkets, in ZOOM convenience stores in the EPPCO petrol stations and in the Metro Stations in Dubai and across the entire United Arab Emirates for the attractive price of AED 45 during the initial phase. A list of kiosks is available online at www.TransCash.com

TransCash is the first Prepaid Debit card available in the large retail distribution in the United Arab Emirates.” said Eric Sridarane, Head or Operations for TransCash, UAE.

The TransCash MasterCard Prepaid Money Sharing Cards with advanced EMV Chip are safe, secure and convenient. Funds are protected. Most importantly, the TransCash Cards can help minimize expenses, and help simplifying the current system, by providing a safe and reliable system with fees clearly described in the schedule of fees.