Second draw winners of Xtravaganza 2013

Hearty Congratulations to all the winners!

For any further clarification you may contact us at marketing.communications@ae.uaeexchange.com or visit your nearest
UAE Exchange Branch in UAE Today!

Xtravaganza 2013 is here!

Customers can bid goodbye 2013 in style! UAE Exchange in association with Xpress Money brings this month-long promotion, wherein customers who send or receive money through Xpress Money from any UAE Exchange branch will quality to participate in the lucky draw. 31 lucky customers will win Air Ticket Vouchers worth 2500 AED, while31 winners will win an iPad Mini each and 31 more will win couple vouchers for dinner worth 500 AED. This offer is valid till 31st December only.
For more information visit your nearest UAE Exchange branch in UAE or call 600 555 550 (Valid in UAE only)For call back service, send an SMS message to 6000 (both Etisalat and Du)

Mobile Payments: Be Aware of Risks Involved to Derive Maximum Convenience

Summary: Mobile payments can upgrade your life, but it is equally important to be aware of risks involved therein, to take essential precautions and make your experience really enriching.
The significance of mobile money is becoming increasingly evident with more and more people choosing the channel for handling financial tasks such as money transfer and bill payments. According to technology research firm Gartner, value of mobile payment transactions is set to go beyond $235 billion in 2013, which is a substantial increase by 44% from 2012. The number of people using mobile payments is likely to be 245.2 million in 2013, according to the same research , which is an increase from 200.8 million in 2012 (Source: Gartner).

In addition to increased convenience, mobile money has been to known to bring a brighter impact in rural regions of developing countries where banks or other financial services are mostly non-existent. People in these areas leverage the cost-effective mobile channel to receive and save money, and improve their standard of living.

Real Life Applications of Mobile Payments
You can use mobile money for a range of activities, from paying for your car parking; transferring money to your child’s school; sending money to the hospital to handle a medical emergency; to transferring money to another country. The most common real life applications of mobile payments include:

• Payments at retail outlets
• Bill payments
• Micropayments (Payments involving low amounts, which cannot be paid through debit or credit cards ($5, £7, etc.))
• Money transfers (domestic or international)
• Salary reception
• Technological advancements widen the possibility of inclusion of more innovative services within the ambit of mobile payments.

Types of Mobile Payment Frauds
Vishing or Smishing – This type of fraud involves extraction of sensitive financial information such as your bank account numbers and PIN, through a tricky phone call or SMS. For example, you may receive a call or SMS that your bank account has been compromised and that your details would be essential to solve the issue. The message or call specifies either a website or a phone number that you need to use to give your bank account or credit card details.
Advance or Upfront Fee – You may be asked to deliver money upfront to avail a service or product, or to contribute to a cause. You are more likely to lose money if you follow the fraudster’s instructions and make a mobile payment in advance.

Money Reversal Requests – A fraud that most merchants may have fallen prey to, this happens when you sell products or services and get paid in mobile money. Your customer places a request for the order and once a delivery has been made, he or she calls the mobile network service provider to cancel the order; common reasons that fraudsters give for cancellation are that the order was made by mistake, or that the call was placed to the wrong phone number.
The fraudster then requests reversal of money placed for the order. You stand to lose money if the phone operator cancels the order without checking with you.

Such opportunities of fraud often occur due to poor technological infrastructure of the mobile network operator. With advanced technology, it is possible to integrate merchant systems with communication networks of mobile network operators and provide live transaction updates.

Identity Theft – Employees of your mobile network operator may make use of your financial information to gain unlawful access to your funds. Employees may also collude with fraudsters and leverage security drawbacks of the mobile network service provider to access your financial accounts. Agents of mobile phone operators, too, may be involved in such fraudulent activities.

Most of the time frauds can be averted by choosing a reliable mobile payment service provider. Ask questions about the service provider’s technology and policies to combat fraud. Companies must have strict Know Your Customer (KYC) policies, customer profile building and monitoring, employee and agent monitoring, and reliable technologies, to fight fraud.

Have you ever been a victim of mobile payment fraud? Share your story here. Tell us what we can do as a mobile payment service user to prevent becoming fraud victims.

UAE Exchange Eid Mubarak Promotion, 2013 – Final Draw Winners Announced!

Hearty Congratulations to all the winners!
For any further clarification you may contact us at marketing.communications@ae.uaeexchange.com or visit your nearest UAE Exchange Branch in UAE Today!

UAE Exchange eyes more NRIs remittances as weak rupee, RBI steps spurt dollar inflows

MUMBAI: The Dubai-based global money transfer operator UAE Exchange is hopeful of netting 23 per cent more business volume this year, taking its market share over 12 per cent, as the steep fall in the rupee and RBI steps to attract dollars from the diaspora have led to a spurt in inflows.

Last year company handled USD 6.9 billion worth of remittances. UAE Exchange claims 10 per cent market share in the remittances business in the country, which totalled USD 69.2 billion last year and is projected to touch USD 71 billion this year.

“We have seen a sharp spike in remittances volume as the expats are taking advantage of the sharp fall in the rupee. The ongoing festive season will also add at least 10-12 per cent to the spurt in transaction volumes. Accordingly, we expect our volume to touch a record USD 8.5 billion this year,” UAE Exchange Vice-President for global operations Promoth Manghat told PTI.

The volume of the Dubai-based exchange till September grew 27 per cent to USD 6.5 billion, which was 7 per cent in the same period last year. The January-September period rise in remittances volume is the highest since 2008 for the company, he said.

The rupee, which fell close to 30 per cent between April and August has helped in attracting more dollar inflows. “The RBI’s special window to attract NRI dollar deposits, valid till November 30, has also driven high volume foreign currency remittances,” Manghat said.

NRIs also choose to remit money for gifting purposes during the festive season, apart from purchase of gold and other investment options including real estate.

Manghat said the average transaction volumes have risen by about 27 per cent so far this year and average transaction size has also increased by 7 per cent to USD 830 against to USD 775 in 2012.

“Remittances in Kerala have already crossed their annual target within the first six months of the year itself, recording inflows of over Rs 75,800 crore,” Manghat added.

The World Bank in a recent report said the country will continue to remain the top remittances destination this year with over USD 71 billion, up from USD 69.2 billion in 2012.

Source:
economictimes.indiatimes.com

UAE Exchange joins Nokia to launch new mobile application, exclusively for Nokia Lumia and Nokia Asha smart phones

The mobile application will be running exclusively on all Nokia smart phones, including Lumia devices with Windows Phone 8 and Nokia Asha Full Touch devices. Currently the application enables information retrieval; the forthcoming versions will have transaction features as well. 

Browse away for exchange rates and interesting offers on smart phones now. The trusted remittance brand, UAE Exchange, in association with Nokia, the mobile phone solutions provider, and Asgatech, technology partner of the remittance major, has recently launched its exclusive mobile application that enables customers to get information on the latest exchange rates, offers and updates from their region right on their phones. It is integrated with Nokia’s HERE maps and HERE Drive. Users of the app will also be able to find branches on the map and use the voice-guided navigation that comes on Nokia Lumia smart phones. This will be available across all locations, where UAE Exchange has operations. The app is built for Windows Phone and Nokia Asha Full Touch platform. Currently it is meant for information retrieval purposes. Transactional features shall be included in the subsequent versions of the app.

Mr. Y. Sudhir Kumar Shetty, COO – Global Operations, UAE Exchange, said, “UAE Exchange has always been a trendsetter and a thought leader in the remittance and foreign exchange industry. We are in a transitional period, where the evolution of technology in the telecommunication industry is taking place so rapidly, that every other person has a smart phone, which is a multi-activity device today. Through this initiative of going mobile, we have reached another milestone in our efforts to be easily accessible to our customers. We are glad that we partnered with Nokia to make this dream, a reality. We are working on improving the app with transactional features, which will enable our customers to send money right from their phones.”

Mr. Praveen Prabhakaran, Head of Developer Experience – MENA, Nokia, said, “We are indeed very happy to partner with UAE Exchange, which is known for its innovative edge and technology leadership. Our shared vision to bring the best services and innovation to our consumers was instrumental in bringing this project to life. We look forward to further innovate together and continue spearheading unique mobile services and apps that will delight our consumers in the region.”

UAE Exchange always aims to get closer to its customers, giving them a bit more than before. Its strong in-house technology team develops cutting edge solutions, which sets a trend and brings in new standards, maintaining seamless connectivity between systems and processes. It doesn’t compromise on speed, quality, and reliability of services like MyBranch – the unmanned electronic channel through which customers can make their transactions, independently; FLASHremit – the facility for instant bank transfers; and Smart Pay payroll solution, with its feature-rich portal, , which enables clients to upload and track salary payments online. Not to forget its electronic payroll card, powered by MasterCard, which further enhances the convenience of the employees of Smart Pay clients. UAE Exchange has ensured that it leveraged innovation and speed of technology to give its customers a great experience.

The techno-savvy brand is also known for its excellent customer service and widest network among remittance brands with over 700 branches in 30 countries across five continents. It serves over six million customers, worldwide. Strong correspondent relationship with over 150 global banks further adds to the might. Customers can walk in to the nearest one to address their multiple financial requirements viz. money transfers, currency exchange, bill payments, salary collection and more, under one roof. Its penchant for quality has won UAE Exchange many awards and earned the trust of customers, partners and regulators alike, thus helping it to get the acclaim of the World’s Trusted Money Transferrer.

For more information, visit www.uaeexchange.com

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About Nokia

At Nokia, we are committed to connecting people. We combine advanced technology with personalized services that enable people to stay close to what matters to them. Every day, more than 1.3 billion people connect with one another using a Nokia device – from mobile phones to advanced smart phones and high-performance mobile computers. Nokia’s NAVTEQ is a leader in comprehensive digital mapping and navigation services, while Nokia Siemens Networks provides equipment, services and solutions for communications networks globally. This Nokia press release and other news are available at http://press.nokia.com

UAE Exchange opens its 129th branch in the UAE

UAE Exchange has opened a new branch in DWC Al Maktoum Airport. This new link, the 129th in the country, is a step towards our vision of being the trusted neighbourhood brand for our customers. Globally we have over 700 outlets. This new branch further strengthens the network, retaining its position as the world’s largest in its class.

For more information log on to: www.uaeexchange.com

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Get lucky this Eid and win AED 50,000

A total of AED 100,000 worth gift vouchers are waiting to be won. All you need to do is to send money to your dear ones from any of the 126 branches of UAE Exchange in the UAE. This Eid, when you send money home, you stand to win AED 50,000 worth cash vouchers as Mega Prize. 100 other lucky customers will win a cash voucher of AED 500 each. So make this festival special with your trusted money transferrer.For more information visit your nearest UAE Exchange branch in UAE or call 600 555 550 (Valid in UAE only)For call back service, send an SMS message to 6000 (both Etisalat and Du)