Developed in collaboration with MasterCard, the new card is available to employees whose income is below AED3,000 per month, while staff with salaries more than AED3,000 per month will be offered normal account services.
It assists companies to manage staff payrolls using a secure electronic salary management system, which enables them to manage payroll processing and payment disbursement instructions through trusted banking channels and networks.
Staff having EIB Payroll Cards, which is embedded with a chip-and-pin technology, can get the benefit of free cash withdrawals from the combined ATM estate of Emirates Islamic Bank and Emirates NBD.
Emirates Islamic Bank consumer wealth management deputy CEO Faisal Aqil said that the ‘EIB Payroll Card’ will offer unbanked, low-income employees with unprecedented convenience by providing access to a wide network of ATMs and card-based retail transactions.
It will save time and money by decreasing production cost for paper cheques, as well as the costs of reconciliation and special disbursement, Aqil added.
