UAE bank offers card-less ATM withdrawals

Rak Bank, a UAE bank, is offering a new service - MobileCash – which allows account holders to withdraw money at any of the bank’s ATM without having to use their ATM card.

The bank says the MobileCash services comes in handy for those who have forgotten their card at home, lost the card or are waiting for their card to be replaced or activated.

An SMS with a one-time password is generated and sent to the customer or the person to whom the account holder wishes to send money.  The code within the SMS has to be used within 24 hours to withdraw cash from any of the 211 Rak Bank ATMs across the UAE. The maximum limit set for withdrawal is up to Dh5,000 a day.

And to withdraw the cash, the recipient will have to know the pin and the exact amount that the account holder has permitted to withdraw.

“We have added two layers of security,” says Peter England, CEO at Rak Bank.. “The PIN number and the exact amount has to be keyed in to permit withdrawal.”

The MobileCash service runs off the advanced Rak Bank Mobile Banking app platform, but account holders, who aren’t using smartphones, can use USSD protocol *169# to use this service.

There is no service charge for the service.

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.

Rak Bank has seen a 40 per cent growth in users during first half 2014 with 300,000 transactions, requests and enquiries through the app, according to mobile banking statistics provided by the bank.

 

Follow Emirates 24|7 on Google News.