RakBank, a leading bank in the UAE, has introduced a digital banking solution, MobileCash, which allows customers to withdraw cash and send money to their friends, family or anyone in the UAE.

Customers can send cash instantly using their mobile phone, even if the recipient does not have a bank account. 

The service runs off the advanced RakBank Mobile Banking App platform. An SMS with a one-time password is generated and sent to the customer or the person to whom they wish to send money. The code within the SMS can then instantly be used within 24 hours to withdraw cash from any of over 200 RakBank ATMs in the UAE without any need for a debit card, a statement said.

Withdrawals can be made for up to Dh5,000 ($1,361.25) which is also a simple and fast alternative to cheque payments, it said.

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. It can also be used to transfer money to people who do not have bank accounts such as children and students, the statement said.

“RakBank has always been at the forefront of empowering customers with technology-based solutions aimed at saving them valuable time,” said Peter England, CEO at RAKBANK. “Be it our Click and Collect service, our RakBankdeals promotions and now the MobileCash service, we constantly innovate and think ahead, all with the ultimate aim of enhanced customer convenience.” – TradeArabia News Service