Emirates NBD, a leading bank in the region, today announced the launch of ‘Emirates NBD mePay,’ an innovative money transfer service that enables an account holder at the bank to transfer money to another customer using mobile numbers instead of account numbers. The mobile money transfer can be completed in just 30 seconds using the mobile number of the recipient, who must also be an Emirates NBD account holder.
The first-of-its-kind service in the region is powered by the Emirates NBD mobile banking app and allows customers to carry out instant money transfers using the recipient’s mobile number. The app can be used by all Emirates NBD customers as long as the recipient’s mobile number is registered on the bank’s system and linked to an account number.
The launch of ‘Emirates NBD mePay’ is the latest in a series of mobile-based innovative product and service offerings by the bank. These include, among others, its dedicated mobile banking app that enables customers to conduct transactions via a smartphone, ‘Shake n Save’ that allows customers to save money on the go, and ‘Emirates NBD Deals’ which keeps customers updated about all promotions they can avail through use of the bank’s credit card.
“Today’s announcement is continuing evidence of Emirates NBD’s commitment to offering our customers an enhanced banking experience, thus making banking transactions convenient and hassle-free,” said, Suvo Sarkar, General Manager – Retail Banking & Wealth Management, Emirates NBD. “Mobiles have become an inseparable aspect of our lives, and customers are on the lookout to access various services through their smartphones. We are confident that the newly launched service, which is in line with the government’s initiative to transform Dubai into a smart city, will revolutionise peer-to-peer money transfers in the UAE.”
“The launch of ‘Emirates NBD mePay’ is based on the high penetration of smartphones in the UAE, which is among the highest in the world,” said Pedro Cardoso, Head of Multichannel & Customer Relationship Management, Emirates NBD.
“There is also a burgeoning need for instant money transfer solutions, and our customer feedback clearly indicates the growing interest among younger people to enable a variety of services via mobile phones.”
According to recent figures from Google’s Mobile Planet, the UAE’s smartphone penetration rate in the first quarter of 2013 touched 73.8 per cent, higher than South Korea, Saudi Arabia and Singapore. Mobile internet usage penetration is also high at 73 per cent compared to MENA and global figures at 41 per cent and 51 per cent respectively.
Emirates NBD mePay, is expected to streamline the process of money transfers between Emirates NBD account holders and make it more efficient, by reducing the procedures and paperwork required for such transactions.
The service is free of charge for all Emirates NBD customers, and is available for iPhone, Android and Windows phone users. Customers are required to download the Emirates NBD Mobile Banking App, and register for ‘Emirates NBD mePay’ under the settings menu of the application to link their mobile number. Once registered, customers can choose ‘Transfer to other Emirates NBD Account’ from the transfers menu using ‘Emirates NBD mePay’ option to complete the transaction.
Emirates NBD has also developed a special video on the bank’s YouTube channel, which explains how the ‘Emirates NBD mePay’ works.