UAE’s Rak Bank has introduced a new service that allows customers to withdraw money from ATMs without the use of a card.
The MobileCash service sends an SMS to the user with a one-time password to the account holder or a person to whom the account holder wishes to send money. The code can then be used within 24 hours to withdraw cash from any Rak Bank ATM. In order for the transaction to work, the recipient will need to know both the pin and the exact amount authorised for withdrawal.
The service is aimed mainly at those who have forThe MobileCash service sends an SMS to the user with a one-time password to the account holder or a person to whom the account holder wishes to send money. The code can then be used within 24 hours to withdraw cash from any Rak Bank ATM.gotten or lost their card, or are waiting for a card replacement or activation.
Peter England, the chief executive of RAKBank, commented: “There are a few other banks in the country that have done something similar, but if you look at the user experience it’s not so simple, one has to log on and go through the internet banking etc. Ours is as simple as possible. It doesn’t need to be a smartphone or to someone with a bank account. They go and pick the money up from one of RAKBank’s ATMs using a code that is sent to them. If they have the app it will tell them their closest ATM machine.”
Masood Khan, Head of Channels, Rak Bank, said 1,500 customers have already used the MobileCash facility despite the bank not having officially launched the service.
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