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Krores to launch first-of-its-kind remittance card for the Middle East

United Arab Emirates: Sunday, July 06 - 2008 @ 11:41

These two new products have been designed for Middle East-based migrant workers and their families back home in both India and the Philippines.

“In this day and age, I was surprised to see the lack of financial tools available to the emerging markets such as India, Philippines and the Middle East,” said Vineet Katial, Chairman and Managing Director, Krores. “We created our two new products to give migrant workers and their families round the clock access to their money at ATMs or to spend in stores and online allowing them to be more financially included than previously possible.”

KRORES’s tagline reads “more than money” and its mission is to provide a card in every wallet.The company intends to reach out to the masses and bring them into the main stream, by crossing the false social ceilings of credit risks, money in the bank, status, gender, cast and creed. It also plans to serve the underserved by providing prepaid instruments that enable them to enjoy similar benefits that a credit and debit card holder would enjoy.

According to Mr. Katial, Krores has signed agreements with strategic Exchange House partners in the Middle East and is actively evaluating further partnerships with suitable organizations.

“It is our goal to build wide regional coverage by forming alliances, offering our unique service to our partners thereby allowing them to offer this new fast, efficient and cost effective service to their customers. With the Krores program our partners will be able to be more competitive in this market while enjoying a greater share of the service charge”, he said. Unlike most other market players in the prepaid market, Krores is focused on providing financial products that enable the mass and the middle class market to reap the benefits of technology by providing an almost ubiquitous access to funds at anytime.

With its presence in Ireland, USA, India and Germany, Krores is planning to setup an office in Dubai to cover the Middle East. Mr. Dominic Higgins, Vice President, Krores Ltd, explains the unique nature of product, “…with this product, the cost benefit has tilted in the favor of the family rather that the financial institution.”

According to the latest report by World Bank, India and the Philippines are the largest recipient countries of funds. As Krores is the first company in the world to launch the combination card, it is firmly poised to capture a lion’s share of this remittance market.

Krores is a global specialist in prepaid card payment mechanisms, allowing our customers to send money to family and friends all over the world with our remittance cards. We facilitate quick payment of wages and salaries with our Payroll card. In addition our gift cards are the ideal way to give that special someone the choice and freedom to buy what they want.

Its multipurpose card has many uses and comes in plastic as well as virtual form. It is an ideal personal budgeting tool, saves you using a credit card for online purchases, an ideal travel companion and many other uses limited only by your imagination. Our cards can be used worldwide at 24 million locations and at more than 1,000,000 ATMs giving you safe secure access to your money around the clock.

“Today, Krores can capitalize on its relationships, partners, management expertise and infrastructure bringing clients superior prepaid products to both existing and emerging markets. Our prepaid open loop debit cards (Remittance and Payroll) can be used by virtually anyone to pay for goods and services in-store and online, anywhere VISA is accepted, without the requirement to have a bank account or credit history,” said Mr.Madhu Krishnan, Marketing Manager – Middle East.

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Sunday, July 6- 2008 @ 11:41 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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