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Dubai / Emirates Business
Mashreq, UAE’s leading financial institution has recorded significant growth in the usage of Cardless Cash via its Mobile Banking application – Mashreq Snapp. Mashreq introduced Cardless Cash in 2015 and since then, the feature recorded 126% growth in 2016 with 77% of requests initiated via Snapp.
Mashreq Cardless Cash feature allows customers to withdraw cash from any Mashreq ATM without using any card at all. The transaction is totally secure as the code can only be used once. Customers can login into Snapp and initiate the request, then receive a unique code which can then be used to withdraw the funds without the need of a card.
Subroto Som, Head of Retail Banking Group commented: “We have seen an incredible response from customers since we launched Cardless Cash in the UAE. We lead the way by launching this feature across both online and mobile banking platforms. We are also the first bank to add cardless cash to the region’s first BOT “Mashreq chat-bot†enabling cash withdrawals without the use of a plastic card. The goal is to create meaningful innovations for our customers which will make their banking experience simple and convenient.
Mashreq’s mobile banking app makes banking a more convenient experience for its customers with features such as card control, instant e-account opening, Mashreq offers, Non Mashreq Credit Card payment, Instant Fixed Deposits and Easy Saver Account opening, without the need to visit a branch.
Extended features of Snapp include push notification, geo-location, proximity notification and personalized messaging, including location based discounts and offers.
Som continued: “Living in such a cosmopolitan world, the availability of money needs to be at one’s fingertips. In time, we do believe that e-wallet and mobile banking will replace cash transactions to a significant degree.â€