Dubai: UAE lender Mashreq has launched Mashreq Flash Transfer, a remittance service for customers to send money instantly to beneficiaries in India.
The newly-launched facility, which offers convenience and speed of service, is a mobile payment solution that will be available 24/7 and free of charge until December for Mashreq customers.
Under the new facility, the money sent to the beneficiary can be instantly availed from Axis Bank branches and near instantly from other banks in India. The recipient has the option to withdraw cash at any of the 12,000 Axis Bank ATMs without the need for an ATM card or bank account.
Additionally there is an option to remit funds instantly to a beneficiary holding an Axis bank account in India. Transfers to other bank accounts will be near instant, depending on the National Electronic Funds Transfer (NEFT) cut-off times in India.
“Customers in the UAE are among the most tech savvy and we carry out almost 90 per cent of the retail transactions through the electronic channels,” said Aref Al Ramli, head of Electronic Business Innovation at Mashreq.
“Remittances through electronic channels have increased almost 140 per cent year-on-year and we expect this unique... functionality to provide much more convenience to our customers,”
Remittances can be initiated by having the sender select the beneficiary’s phone number from their phone address book.
“Mashreq Flash Transfer is a distinctive service that we are certain will benefit our clients looking for speed and efficiency. The ability to dispense cash to the beneficiary across any Axis bank ATM in India is a first [for] any bank in the region,” said Tooran Asif, head of Personal Banking at Mashreq.
