Kathmandu, August 4:

Union Money Transfer Company Ltd (UMTCL) has formally launched its remittance product ‘Union Cash Card’ yesterday, states a press statement issued here today.

‘Union Cash Card’ is a plastic card of ‘VISA’ brand and will be issued by Nepali expatriates leaving the country and already working abroad under the co-branded scheme sponsored by Standard Charted Bank Nepal Ltd.

This strategic alliance with SCNBL and Visa, with their global reach would widen the network and will surely help reach the larger populace of Nepalis residing abroad. UMTCL will issue two cards to Nepali expatriates, out of which one card the expatriate shall carry along with him abroad and one he leaves behind to the beneficiary of remittance in Nepal.

The expatriate can use UMTCL agent or visa network to remit money and the beneficiary can get it through the card within a few minutes. Also, it can be used at various POPs for purchase of goods and ATM machines as well to withdraw money.

The service is likely to prove very helpful to a large number Nepalis working abroad, particularly to non-skilled labour, who can now send money home easily. It also promises to bring in remittance through legal channels to Nepal.