Edenred enhances position on UAE market
Edenred is to acquire the payroll card portfolio of Mint, the second player on the pay distribution and management market in the United Arab Emirates. The deal strengthens Edenred’s leadership position in the UAE.
Pay distribution and management services are particularly relevant for the millions of under- or unbanked foreign workers in the UAE (pictured). Nearly 60% of the working population in the UAE operates outside the current financial system.
Edenred already leads the local market with its C3 solution, which has more than a million users. To that will now be added nearly 600,000 employees holding Mint payroll cards, who will get access to the services and the mobile app associated with C3.
Merging the two solutions will facilitate the financial inclusion of many thousands of workers. For employees, the C3 cars is a guarantee to get paid regularly and securely. It allows them to make withdrawals at ATMs and to make both physical and online payments.
C3 also allows companies to comply with local regulations that require that wages be traceable. It is an easy way to pay employee wages via a secure online portal, especially in sectors with large workforces such as construction or facility management.
An app linked to the C3 card provides access to a suite of value-added services, such as phone credit top-ups, secure international money transfers, etc.
The acquisition of Mint’s payroll card activity, which mostly serves clients in Abu Dhabi and grew strongly in 2019, will enable Edenred – until now mainly Dubai-based, to extend its geographic footprint in the UAE.
2.5 billion payments
Edenred’s intermediation platform connects 50 million employees and 2 million partner merchants via 830,000 corporate clients across 46 countries.
Its three business lines are Employee Benefits, Fleet & Mobility Solutions and Complementary Solutions (including Corporate Payment Services).
In 2018, the group managed 2.5 billion payment transactions via its apps, online platforms and cards, representing nearly €30 billion.