Business | Banking
New initiative allows SMS money transfers
An SMS to send Dh500 in an emergency to a friend or relative in the UAE who does not have a bank account is a feature of a mobile payment service launched by National Bank of Abu Dhabi on Sunday.
- By Binsal Abdul Kader, Staff Reporter
- Published: 16:45 November 9, 2008
Abu Dhabi: An SMS to send Dh500 in an emergency to a friend or relative in the UAE who does not have a bank account is a feature of a mobile payment service launched by National Bank of Abu Dhabi on Sunday.
Through NBAD Arrow Service customers can send Dh500 a day to anybody who can withdraw the amount from any NBAD ATM by entering his or her mobile number and an instant code received via SMS, said Ahmad Al Naqbi, Senior Manager of Channels and Electronic Banking Services at NBAD at a press conference in Abu Dhabi.
"The recipient doesn't need an ATM card but need only click the button for NBAD Arrow Service on our ATMs within 24 hours of receiving the code."
An Arrow Service customer can send up to Dh10,000 a day to another customer's account, he said.
The new service powered by Luup, a leading mobile payment firm, can be used for three types of payments: person to person, person to merchants (utility bills etc) and person to charities like the Red Crescent Authority, said the official.
"Bill payments to etisalat, Dewa (Dubai Electricity and Water Authority), Sewa (Sharjah Electricity and Water Authority), Adwea (Abu Dhabi Water and Electricity Authority) and a number of other institutions can be made by SMS," said Al Naqbi.
Prepaid cards
"We are in talks with RTA (Roads and Transport Authority) in Dubai and police departments of various emirates to include them in our service."
The official said that NBAD is also planning to introduce prepaid cards for utility bill payments.
The NBAD Arrow services launched yesterday are the first in an 18-month plan agreed between NBAD and Luup.
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