A new smart phone app allows RAKBank customers to send money to any UAE resident with a valid mobile number.
Beneficiaries can withdraw the cash from any RAKBank ATM machine using a code sent to their mobile in a text message.
The one-time code remains valid only for 24-hours. Senders can send up to Dhs5,000 daily and can send to family, friends or whomever.
The CEO of RAKBank, Peter England, said the app was launched two months ago and already has 1,500 users.
He said: "The UAE is a market where there is a huge amount of mobile phones.
"RAKBANK has been involved with mobile banking for a long time.
"There are a lot of customers who prefer using their mobiles and some who prefer the internet."
RAKBank has seen a 40 per cent growth in mobile banking users in the first half of 2014, with an average of 300,000 transactions, requests and enquiries through customers using their mobile banking application.
England said the app also comes in handy for people who have forgotten their debit or credit cards at home.
He said: "It is useful for students who do not have bank accounts and are asking for cash!"
RAKBank's aim behind introducing the MobileCash app is to attract more customers to its mobile banking platform.
The head of contact centre at the bank, Masood Khan, said: "Mobile banking is becoming a very important service delivery platform for banks in the UAE."
But a few skeptic Dubai residents think mobile bankingoverall is just not safe.
An EmiratesNBD customer, 24-year-old Navid Mushtaq, said that the MobileCash app is a good idea - but that he tries to "stay away" from mobile banking.
He said: "What if I lose my phone? A stranger would have access to all of my information. I don't use mobile banking for my current bank either."
Another skeptic resident who uses Citibank, Vinita D'mello, said: "It's a great idea but I don't want to enter the wrong mobile number and send all my money to some other person."
However, Khan insisted that the app is very secure.
He said: "When the beneficiary goes to withdraw the money he needs to know the amount as well - and the amount is not sent in the text message.
"So not anyone can go and try their luck at our ATM machines," Khan added.
© 7Days 2014
