Mashreq Flash Transfer offers instant 24/7 money transfer to over 12,000 Indian ATMs using your smartphone

Mashreq, one of the leading financial institutions in the UAE, has launched ‘Mashreq Flash Transfer’ a unique remittance service for customers to send a payment instantly to a beneficiary in India. As part of Mashreq’s initiatives to enhance the bank’s capability for remittances, this newly launched facility ‘Mashreq Flash Transfer’ offers the ultimate convenience and speed of service to individuals who want to send money to India including ‘instant cash’.

Today sending funds to your family or friends in emergency is no longer an issue. With Mashreq Flash Transfer wherever you are, all you need is a mobile no. of the recipient and you can instantly send cash. It is that simple.

This 24/7 service is free of cost until December for Mashreq customers. Sender can simply choose the beneficiary phone number from the phone book & initiate the payment in a flash – mobile to mobile payment.

With this new service, the credit to the beneficiary bank account is offered instantly to Axis Bank and near instant to other banks in India. The recipient has the option to withdraw cash at any of the 12,000+ Axis bank ATMs; without the need to have an ATM card or bank account. Additionally there is an option to remit funds instantly to a beneficiary having an Axis bank account in India. Credit to other bank accounts will be near instant depending on the NEFT cutoffs in India. The remittance can be initiated by the sender by simply selecting the beneficiary phone number from the phone address book.

Speaking on the occasion, Aref Al Ramli, Head of Electronic Business Innovation at Mashreq said, “Customers in the UAE are among the most tech savvy and we carry out almost 90% of the retail transactions through the electronic channels. Remittance through electronic channels have increased almost 140% YOY and we expect this unique and first off functionality to provide much more convenience to our customers especially that they are able to use it 24/7 and 365 days a year in over 12000 ATMs in India. We at Mashreq understand the urgency when friends and family need money transferred instantly, and we always work towards offering an unique user experience. This offering is a part of the overall SNAPP – mobile banking that is widely used by clients in UAE.” 

Tooran Asif, Head of Personal Banking at Mashreq said, “Mashreq Flash Transfer is a distinctive service that we are certain will benefit our clients looking for speed & efficiency.  The ability to dispense cash to the beneficiary across any Axis bank ATM in India is the first that has been attempted by any bank in the region. The flash transfer services to India are available 24X7 including days when banks are closed on holidays. We have more such initiatives on the anvil & will continue to be regarded as an innovative bank in this space.”