Mint Middle East, a subsidiary of Canada-based payments company Mint Corporation, has launched a UnionPay International-branded gift card programme in the UAE.

The firm has already rolled out the first batch of the products, which have been designed as general purpose non-reloadable prepaid cards.

These gift cards can be availed at any location accepting UnionPay cards.

The first phase of the launch is targeting corporate clients and exchange houses, and will be followed by distribution to individuals through retail and online channels.

In addition, Mint is also planning to introduce digital e-gift cards after obtaining the required regulatory approvals.

Mint Corporation CEO Vishy Karamadam said: “There is an increasing demand for gift cards in the corporate sector across the world. Companies are offering incentives to employees by giving gift cards to recognise employees’ contributions and achievements.

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“Mint’s gift card programme is another product line from our globally certified payments platform and helps us add new revenue opportunities and broaden and deepen our relationship with corporate clients and exchange house partners in UAE.”

The company intends to additionally unveil a MasterCard branded gift card in the coming months to cater to the UAE gift card market, which is predicted to be worth $1.5bn by 2020.