RemotePass, a leading platform for remote work, has launched its physical debit card for remote teams in emerging markets. With this new service, remote workers with an active contract on RemotePass can receive instant payments with zero fees, avoiding the hefty SWIFT fees and delays typically associated with international transfers.
The card is powered by MatchMove, a leading financial technology company and a licensed and regulated Mastercard card issuer headquartered in Singapore. This state-of-the-art service will allow global remote workers to hold funds in USD, giving them complete control over their finances. The card can be used online and offline globally, wherever Mastercard is accepted.
Historically, remote workers — and especially those in emerging markets — have largely relied on SWIFT transfers to receive their money internationally, which can be lengthy and comes with high exchange and transfer costs. The physical card forms part of the RemotePass Super App for Remote Teams, which enables users to manage their contracts, subscribe to premium health insurance plans and cover dependents, track expenses, access a USD payroll physical and virtual cards, spend online and offline, and get paid instantly at zero transfer cost.
The RemotePass product offering is in line with the UAE government's vision of attracting global talent and establishing the country as a leading hub for remote work. Through its Employer of Record services, RemotePass handles the entire relocation, visa, and insurance process for foreign companies seeking to hire and/or relocate employees or contractors in the UAE. The UAE has become a sought-after destination for cross-border remote hiring, with companies from the US, the UK, and Saudi Arabia benefiting from access to a vast pool of highly skilled job seekers seeking full-time remote work. In addition, the UAE introduced a digital nomad visa in March 2021, allowing expatriates to reside in the country while working for their employers in their home country.
RemotePass serves hundreds of organisations globally — from pre-seed startups, to publicly listed companies, such as Logitech. The company is committed to providing users with a unified fintech experience in emerging markets, giving access to leading financial services and benefits that were previously unavailable in these territories.
Remote workers with an active contract on RemotePass, can easily download the app, upload documents for verification, and request their card. The compliance team reviews and approves the application within 48 hours. Users have full control over their card through the mobile app, which enables them to freeze, terminate, view, and manage transactions in real-time.
Kamal Reggad, co-founder & CEO of RemotePass said: "Our commitment since day one has been to offer benefits and financial services to underserved workers in emerging markets. Today, we are super excited to take a significant step towards delivering on this vision, especially in the UAE, where Savills revealed Dubai is considered the third-best city in the world for digital nomads to live in. Our physical card is just one of the many ways that we're helping remote workers get the financial freedom they need to thrive. We are working with different partners to bring more localised financial services and benefits such as a reward program, advance pay and pension plans."
The RemotePass card is enrolled with 3-D Secure, providing an additional layer of authentication for online transactions. For offline transactions, users are required to enter a PIN for added security.
A global survey by Prudential found that 42% of remote workers will seek new employment if their company does not continue to provide work-from-home options in the long run. FlexJobs reported a 105% rise in searches for "remote, part-time jobs" in the first half of 2022, — highlighting the need for a payroll card that supports this ecosystem and its demands.