HomeGeneralSmart phone revolutions in UAE Banking sector

Smart phone revolutions in UAE Banking sector

One could get money from an ATM using only their debit/credit cards in UAE until RAKBank introduced the Mobile Cash service. As of today, people in the Emirates are well aware of this service by RAKBank UAE. While availing this service, RAKBank card holders need not carry their cards with them every time to withdraw cash from an ATM. They can simply use their smartphones to withdraw cash from any RAKBank ATM all across UAE.

RAK bank is the first bank in the Middle East to introduce Mobile Cash with Samsung Pay Solutions. They have partnered with Samsung Gulf Electronics. Earlier, this was limited to only Samsung smartphones. Over the time It has been made available in Apple App Store, Blackberry App World, and Google Play Store.

How does this work?

  • Get RakBank Mobile banking App in your smartphones.
    • RAKBank provides mobile banking services to the smartphones users. They can install this app from Playstore/App store/App world.
  • Log into the app using your credentials and select “MobileCash”
    • One may Log in using the credentials which would be the username and password provided by the bank which can be changed as it suits you.
  • Select “Cash withdrawal” to withdraw cash
    • There are many services in the RAKBank Mobile Banking app like balance check, Balance transfer, cash withdrawal, transfer to a beneficiary etc.
  • Select the debit account and give the amount you want to withdraw
    • One can have one or more account details in his RAKBank Mobile Banking App. So select one among those in which to want to take the cash from.
  • You would get an OTP to the registered mobile number through SMS
    • You would get an SMS to the phone number you have provided to the bank. Enter the OTP on the ATM screen. The OTP will remain valid for 24hrs since the initiation. In case you don’t withdraw within 24 hours, you’ll have to generate a new OTP.
  • You can withdraw the cash
    • You would get an acknowledgment to your registered mobile number and printed receipt from the ATM(if needed)

What are the benefits?

  • Can withdraw cash easily from any RAKBank ATM without debit/credit cards
    • One need not worry about forgetting Debit/Credit cards at home.
  • No worries if the debit/credit card is lost or stolen
    • If the debit/credit card is stolen or lost the card will be blocked but the cardholder can make transactions using Mobile Banking app
  • Can withdraw up to AED 9000 from any RAKBank ATM
    • The maximum amount of withdrawal is AED 9000 per day.
  • Can transfer money to the third party easily
    • Can transfer money easily to someone else who is a RAKbank account holder
  • Can save time by not visiting bank branch
  • Before withdrawing the cash from ATM, one can cancel the request.
    • If you didn’t withdraw the cash yet, you can cancel the request
Only RAKBank Mobile Banking customers can avail this. There won’t be any extra charges for the usage of Mobile Cash. As an added advantage, the best part of this service is one can withdraw money even if their card gets blocked or stolen/lost.

About the author

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Nikitha is a Senior Analyst at MyMoneySouq.com. She has been writing about personal finance, credit cards, mortgage, and other personal finance products in the UAE. Her work on Mortgage loans has been featured by the GulfNews and other popular Financial Blogs in the UAE.

Nikhita
Nikhitahttps://www.mymoneysouq.com
Nikitha is a Senior Analyst at MyMoneySouq.com. She has been writing about personal finance, credit cards, mortgage, and other personal finance products in the UAE. Her work on Mortgage loans has been featured by the GulfNews and other popular Financial Blogs in the UAE.

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