Dubai: RAKBank has launched a new digital banking solution that allows cash withdrawals from its network of automated teller machines (ATMs) across the country without the use of payment cards.
The new product MobileCash, a part of its mobile banking platform allows customers to transfer money to mobile phones and beneficiaries can withdraw the cash using one-time pin number. 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.
This new service gives customers the ability to withdraw cash and send money to their friends, family or anyone in the UAE instantly using their mobile phone, even if the recipient does not have a bank account.
“We have been witnessing big growth in people using our digital banking platforms such as internet banking and mobile banking. MobileCash is a value added product launched for our customers,” said Peter England,” Chief Executive Officer of RAKBank.
RAKBank reported 40 per cent growth in mobile banking users in the first six months of 2014, with an average of 300,000 transactions, requests and enquiries through the mobile banking application.
With the introduction of the new cash transfer service, RAKBank expects to attract more customers to its mobile banking platform. “Mobile banking is becoming a very important service delivery platform for banks in the UAE. We expect to attract more users to the platform through value added services like the MobileCash,” said Masood Khan, Head of Contact Centre, RAKBank.
