With the feature, customers can make near-instantaneous payment transfers. Image Credit: Ahmed Ramzan/Gulf News

Dubai: Mashreq and Al Etihad Payments struck a deal to offer instant payment services on the former's application. The move comes days after Al Etihad Payments, a subsidiary of the Central Bank of the UAE, announced the launch of the instant payments platform Aani.

The feature, Aani Instant Payment Services, will enable, among other tasks, near-instantaneous payment transfers to Mashreq's customers, ensuring that their financial transactions are conducted quickly. It also incorporates options such as send money, request money, split bill, and QR-based payments.

Read more

Its other features include 24/7 accessibility, which will ensure customers and merchants can transact anytime. That apart, customers can make payments using a contact's phone number, email address, or even their IBAN.

In unison with Al Etihad Payments, we are redrawing the boundaries of transactional convenience. This venture not only underscores our unwavering commitment to a seamless financial future but also reinforces our promise of delivering transformative payment solutions. As we align with Aani, we embark on an exciting journey to redefine payment experiences.

- Kartik Taneja, Head of Payments at Mashreq Bank

Jan Pilbauer, CEO of Al Etihad Payments, said in the statement: “We're delighted to introduce Aani, a new payments platform built together with the UAE’s financial industry as a testament to our commitment to innovation and excellence.”