Smart Salary Card From Smart Transfer - The Secure, Low-Cost, Way To Pay The UK's 2.8 Million Unbanked Employees

Published 27th June 2006

Prepaid MasterCard eliminates cheque runs and cash handling, enabling cost-effective e-transfer of salaries...

27 June, 2006
Smart Transfer, a division of alphyra, Europe's leading cash acceptance network, has launched the Smart Salary Card, a prepaid debit card which provides employers with a secure and cost-effective means of paying salaries to the UK's estimated 2.8 million unbanked adults* and many thousands of foreign workers.

The Smart Salary Card enables employers to pay salaries directly to a Mastercard debit account via e-transfer, saving organisations valuable time and money, eliminating the costs associated with issuing cheques and removing the significant security and insurance risks of handling large amounts of cash on company premises.

UK business is employing an ever increasing number of overseas and unbanked workers, which has led to increased bank charges and administrative costs. 2.8 million UK adults remain without a bank account, and c. 400,000 workers from Eastern Europe registered with UK employers from May 2004 - March 2006**, many of whom have difficulty opening their own bank account in the UK.

The Smart Salary Card from Smart Transfer addresses these issues by reducing administration and banking costs for employers, and at the same time providing employees with an effective means of storing and accessing their salary. The card's technology allows companies supplying support services to all industries to deal with the rising demands of dispersal and turnover.

The card is accepted at 1 million Mastercard ATMs, 24 million MasterCard stores and all participating online stores across the world, ensuring employees get access to their money and to Internet deals previously only accessible to those with bank accounts.

Setting up the Smart Salary Card is quick and easy for businesses. They are issued with the chip and pin-enabled cards and the software to activate the cards. They then arrange for salary payments to be transferred electronically to employee card accounts.

Salaries are paid with a single e-transfer, saving time in payroll issuance and helping organisations to reduce staff turnover and the associated hiring and training costs, by offering employees a banking option which will help them manage their finances more easily, and enable them to make card-based purchases in-store and on the Web.

Sean O'Mara, Managing Director of Smart Transfer said, "With UK businesses employing an increasing number of unbanked and overseas workers, the Smart Salary Card offers organisations a safe, secure, and cost-effective means of paying salaries.

"The Smart Salary Card reduces administration and the banking charges associated with writing cheques or handling large volumes of cash - and is certainly more secure. It's also a better option for employees, giving them worldwide access to their money, enabling them to access online stores and helping them to manage finances more effectively."