NOW Money provides a digital payroll and mobile banking platform tailored for businesses employing low-income workers in the UAE. The service enhances payroll efficiency and compliance while offering employees access to inclusive banking and financial literacy resources, addressing the lack of traditional banking options for this demographic.
Funding
$4M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many low-income workers in the UAE lack access to traditional banking services due to strict requirements such as high minimum balances, leaving them to rely on cash for wages and transactions. This creates inefficiencies and security risks for both employees and employers, making payroll management cumbersome and costly.
Solution
NOW Money provides a digital payroll and mobile banking platform designed for businesses employing low-income workers, offering a comprehensive solution to streamline payroll processes and enhance financial inclusion. The platform enables direct salary transfers to employees' mobile accounts, eliminating the need for cash handling and reducing security concerns. Employees gain access to a user-friendly mobile app with features such as balance checks, transaction history, and secure money transfers, available in multiple languages. NOW Money also facilitates low-cost international remittances, allowing workers to easily and affordably send money to their families abroad.
Target Audience
NOW Money primarily targets businesses in the UAE with a large number of low-income employees, particularly in sectors such as construction, cleaning services, and logistics, as well as the unbanked employees themselves.
Features
- Digital payroll solution enabling direct salary transfers to employee mobile accounts
- Mobile banking app with balance checks, transaction history, and secure money transfers
- Low-cost international remittance feature for easy and affordable money transfers
- Real-time payroll tracking dashboard for businesses to monitor expenses and transactions
- Built-in compliance with the Wage Protection System (WPS)
- Contactless Visa or Mastercard for in-person purchases
- Instant peer-to-peer payments between NOW Money users
- Multi-language support within the mobile app