Project Location: Abu Dhabi, United Arab Emirates
The cashless system is very helpful for the Schools and University students because it doesn’t require Students to visit Bank Branches physically to do day to day banking. Union National Bank had deployed and distributed Prepaid Debit cards to all Students of Higher College of Technology campuses in UAE.
The cashless banking system is more secure as compared to the Physical Banknotes Transactions. A cashless or contactless banking system is best and secure from any theft because it is difficult compared to the physical banknotes. Mostly some observe that the frauds and robberies are faced by the students carrying physical cash. Therefore, it will be safe from fraud and robberies.
Some observe that fraud of Fake banknotes which are not original and useable has been done with so many people. But while using the Union National Bank’s cashless system, the ratio of robberies, theft, and fraud has been decreased up to a good level, and it also reduces the business risk and costs with the help of cashless payments.
- UNB wanted closed-loop prepaid card system to benefit from taking part merchants with attractive transaction fees. Therefore, UNB has made it easy for them as per their business requirements.
- It will be helpful for the business because it will help them save time and get complete online data.
- The client needs closed-loop card services for all HCT Students, to make sure contactless payment amidst the coronavirus to ensure the safety of its users.
- They required to make sure on the client’s side to have all of their savings in the bank accounts and whenever they need their amount, they can use ON Campus cashless transaction method.
Benefits of Cashless Prepaid Card Solution:
- Cashless system project will enable them to avoid the use of paper cash in all HCT branches in UAE.
- IN-Campus transactions across all participating merchants can be done in real-time.
- There will be no need to keep cash with students always.
- Portable and small size card.
- Cashless system is secure and fast.
- It is easy to manage.
- Closed-loop POS terminals were On-Boarded in all Merchant locations within all Higher College of Technology (HCT) campuses in UAE.
- The payment transaction speed was faster for all students during peak hours from all campus locations.
- POS Terminals were connected to UNB Banks core banking Payment switch
- Settlement and Reconciliation modules were deployed as per Banks Business requirements.
- End-to-End Security and Monitoring was in place to make sure all operations go smoothly during business hours.
- 24X7 Call Center support was provided to UNB bank.
- The business of Merchants has been increasing day by day with the help of a cashless payment system developed by the bank.
- The cost of Transactions was drastically reduced by Bank to motivate merchants.
- Student Campus card On-Boarding is instantly done by self-service kiosk activation screens in all campus locations.