News Column

No cards, no accounts, now send instant cash using mobiles

August 20, 2014

Dubai: RAKBANK has launched a new mobile banking service that allows one to withdraw cash from an ATM without using a card.

Launched on August 19 in Dubai, this new service called MobileCash gives customers the ability to withdraw cash and instantly send money to their friends, family or anyone in the UAE using just a basic smartphone. What's more, the recipient does not even need to have a bank account.

"It can be quite handy for even those who have lost their bank card, forgot to carry it, or are simply waiting for their card to be sent or activated," Peter England, CEO at RAKBANK XPRESS. "It can also be used to transfer money to people who do not have bank accounts such as minor children and students," he added.

MobileCash runs on the RAKBANK mobile banking app platform. An SMS with a one-time password, valid for 24 hours and across more than 200 RAKBANK ATMs, is generated which a customer can forward to anyone. The code can then be used at the ATM to withdraw cash up to Dh5,000 every time.

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Source: XPRESS (United Arab Emirates)

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