Xpress Money’s instant cashback

Xpress Money, a global money-transfer company, launched its ‘Xpress Money Rewards Programme’ in Bahrain.

This reward programme brings in a unique offer, guaranteed cashback with each transaction. The programme comes to Bahrain after a successful UAE launch. The company aims to launch the programme across GCC by the end of 2015.

Sudhesh Giriyan, COO at Xpress Money said that guaranteed cashback as a reward for its customers has been arrived after market research and analysis showed that the customers preferred cashback.

He added that customers who enroll for the programme get an instant refund of 500 fils on their very first transaction and will continue to get 200 fils for all subsequent transactions.

Quoting international studies, he added that the global average cost-of-remittance is at 7.5 per cent, a far cry from the below-five- pc target proposed by the experts.

But, Xpress Money’s cost of remittance is only at 2.09 pc, a testimony to its commitment to reduce transaction cost, he said.

Giriyan added that 48 pc of Xpress Money transactions are successfully completed in less than a minute, an achievement made possible by the company’s investment in technology, network and customer satisfaction.

Also, unlike other providers, the company completely refunds transaction charges if any customer cancels a transaction, he said.

The money-transfer company is looking at having more tie-ups with Bahrain banks, enabling the banks to provide more services to their customers.

“We are in discussion with five, six banks in Bahrain and few partnerships will be launched soon,” the COO told DT News.

Apart from the 500 fils, cashback on the first transaction and the subsequent 200 fils cashback, the customers can refer their friends and earn 100 fils on each transaction done by their friends, the company said.

Anyone can approach Xpress Money agents in the Kingdom and provide a valid photo ID to enroll for ‘Xpress Money Rewards Programme’, it added.

The company said that it is the first international money transfer organization in Bahrain to offer an instant cashback to its customers, against the widely prevailing point based systems in the Kingdom.