RAKBANK has launched MobileCash, a new service allowing its customers to withdraw cash and send money to their friends, family or anyone in the UAE using only their mobile phone – even if the recipient does not have a bank account.
The service runs off the advanced RAKBANK mobile banking app platform. An SMS with a one-time password is generated and sent to the customer or the person to whom they wish to send money. The code within the SMS can then instantly be used within 24 hours to withdraw cash from any of over 200 RAKBANK ATMs in the UAE without any need for a debit card. Withdrawals can be made for up to AED 5,000 – which means the solution also a simple and fast alternative to cheque payments.
“RAKBANK has always been at the forefront of empowering customers with technology-based solutions aimed at saving them valuable time,” said in a statement Peter England, CEO at RAKBANK. “Be it our Click and Collect service, our RAKBANK deals promotions and now the MobileCash service, we constantly innovate and think ahead, all with the ultimate aim of enhanced customer convenience.” “It’s possible that we’ll consolidate with other banks in the future and offer this service across the retail banking industry – however, they first have to jump on board with the idea, the software,” England tells Communicate’s sister title, AMEinfo. However, “the first challenge for MobileCash will be its ability to attract interest from RAKBANK customers; only 25 per cent currently uses the bank’s mobile banking platform. Nonetheless, considering its vast strengths, it may well be a matter of time before cardless withdrawals become an everyday norm,” says AMEinfo’s article on MobileCash.
MobileCash comes in handy for those who have lost their bank card, forgot to carry it, or are simply waiting for their card to be sent or activated. It can also be used to transfer money to people who do not have Bank accounts such as children and students. RAKBANK launched its mobile banking app in April 2011. Its mobile banking services saw an increase of 40 percent during the first half of 2014, recording 300,000 transactions, requests, and enquiries via the app per month.
The introduction of the MobileCash app is aligned with promising numbers from the UAE; according to Bain & Company, 15 percent of UAE consumers said they used smartphones, tablets and computers for their daily transactions and 40 percent of respondents said using online or mobile banking is their preferred way to bank.