Finance & Capital Market

Mashreq enables credit card payments to India, Pakistan

Mashreq Bank, a leading financial institution in the UAE, has enabled customers to use their credit cards to make instant money transfers to all banks in India and Pakistan at zero fees, zero cash advance charges.

The new simple-to-use service is available by using the bank’s mobile banking app, Snapp, and is designed to make remittance transfers a seamless, easy, and hassle-free experience for Mashreq customers, who can now send money home easily, at anytime they choose, a bank statement said.

Rohit Garg, head of Remittances at Mashreq Bank said: “Mashreq understands the importance of sending money to friends and family back home. Sometimes, circumstances arise unexpectedly and we want to fully support our customers’ financial needs by giving them the flexibility to make payments 24*7.

“We expect this new service to be welcomed by our expatriate customers, and will continue to look for innovative ways to make managing your everyday finances simpler, more seamless and more convenient.”

Pankaj Kundra, head of Payments at Mashreq Bank added: “Mashreq’s Quick remit service offers customers the added benefit of easily transferring money remotely 24 hours a day, avoiding the need to visit a branch. The success of Quick Remit last year highlights an appetite for simple digital banking, and we are committed to expanding our capabilities in this area.”

Launched in 2017, Mashreq Quick Remit has seen a 73 per cent increase in remittances for the bank since its introduction. According to the latest quarterly report released by the UAE Central Bank, India accounted for a total of Dh13.6 billion ($3.7 billion) worth of cash sent through banks and exchange houses during the fourth quarter of 2018, while Pakistan came in second with a total share of Dh3.8 billion, or 9.4 per cent of the total remittances.

Mashreq aims to replicate the success of its service for Indian and Pakistani customers by expanding Quick Remit into other expatriate communities across additional territories, the statement said. – TradeArabia News Service