Edenred strengthens its leadership position in the United Arab Emirates payroll cards market
January 08 2020 - 2:46AM
Edenred strengthens its leadership position in the United Arab
Emirates payroll cards market
Press releaseJanuary
8, 2020
Edenred strengthens its leadership
position in the United Arab Emirates payroll cards
market
Edenred is acquiring the payroll card
portfolio of Mint, the second-largest operator specializing in pay
distribution and management for under- or unbanked workers in the
United Arab Emirates. The transaction will strengthen Edenred’s
leadership position in the UAE market, where its C3 solution
already boasts more than a million users. The Group will facilitate
the daily lives of nearly 600,000 employees currently holding Mint
payroll cards by giving them simple and secure access to the range
of value-added services offered via the C3 card and its myC3card
mobile application.
In the United Arab Emirates, where nearly 60% of
the working population is outside the current financial system,
Edenred offers an innovative solution that facilitates the
financial inclusion of countless workers, while allowing companies
to comply with local regulations that require that wages be
traceable.
For companies, Edenred’s C3 digital solution is
an easy way to manage the payment of wages for all or part of their
employees via a secure online portal, especially in sectors that
need large workforces, such as construction and facility
management.
The C3 card is a guarantee that employees will
receive their pay regularly and securely. They can then make
withdrawals from ATMs, or make physical and online payments. The
myC3card mobile app linked to the C3 card also gives access to an
extensive suite of value-added services that facilitate employees’
daily lives, including mobile phone top-ups, secure international
money transfers at favorable rates and real-time consultation of
their account balance and transaction history. These
differentiating services, constantly improving, generate new
sources of revenue for the Group.
Mint’s payroll card activity, which mostly
serves clients based in Abu Dhabi, recorded strong revenue growth
in 2019. The acquisition will enable Edenred, until now mainly
present in Dubai, to round out its geographic footprint and
significantly increase its visibility in this market. With a
combined total of more than 1.6 million users, Edenred will benefit
from substantial scale effects linked to its B2B2C intermediation
platform model and its global technology assets.
The deal will increase the Group’s EBIT from
2020.
Arnaud Erulin, Chief Operating Officer,
Europe, Middle East and Africa, said: “Edenred is
improving the daily lives of under- and unbanked workers residing
in the United Arab Emirates via a mobile app that each year adds
new functionalities to closely match their needs. Edenred’s
commercial and technological know-how currently allows over 1
million employees to benefit from this unique suite of services in
the United Arab Emirates, up from 400,000 five years ago. And we
are now delighted to be extending access to nearly 600,000 Mint
card holders.”
▬▬
Edenred is the everyday
companion for people at work. Its leading intermediation platform
connects 50 million employees and 2 million partner merchants via
830,000 corporate clients, across 46 countries. Thanks to its
global technology assets, the Group managed 2.5 billion specific
purpose payment transactions in 2018, primarily carried out via
mobile applications, online platforms and cards, and representing
nearly €30 billion in business volume.Edenred’s 10,000 staff are
driven by a commitment to improving employees’ quality of life,
increasing companies’ efficiency and boosting merchants’ revenues.
They achieve this through three business lines:
- Employee Benefits (food, meals, well-being, leisure, culture
and human services)
- Fleet & Mobility Solutions (fuel, tolls, maintenance and
business travel)
- Complementary Solutions, including Corporate Payment Services
(virtual payment cards, identified wire transfers and supplier
payments), Incentive & Rewards (gift cards and platforms, and
incentive programs), and Public Social Programs.
For more information: www.edenred.com
The logos and other trademarks mentioned and
featured in this press release are registered trademarks of
Edenred S.A., its subsidiaries or third parties. They may not
be used for commercial purposes without prior written consent from
their owners.
▬▬
CONTACTS
Communications Department Marie-Laurence
Bouchon+33 (0)1 86 67 20 08marie-laurence.bouchon@edenred.com
Media Relations Matthieu
Santalucia+33 (0)1 86 67 22 63matthieu.santalucia@edenred.com |
Investor
Relations Solène Zammito+33 (0)1 86 67 23
13solene.zammito@edenred.com Loïc Da Silva+33 (0)1 86
67 20 67loic.dasilva@edenred.com |
- 2020 01 08 - PR ENG Edenred strengthens its leadership position
in the United Arab Emirates payroll cards market
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