The National Bank of Abu Dhabi (NBAD) has
upgraded it mobile based SMS payment service, Arrow, to allow
remittances into India via mobile phones. The service is powered by
Luup.
NBAD claims it is the first time a bank has
introduced a real-time international account-to-account money
transfer service in the world.
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NBAD’s Arrow service already enables users to
send money through MoneyGram in 192 countries by two SMS messages,
the bank assured.
Now the upgraded Arrow services will allow
both NBAD and non-NBAD customers to send remittances to bank
accounts in India at a fee of AED12.
NBAD said the new service cuts money transfer
times to just seconds compared to the usual time of 2-3 days with
standard mobile banking applications.
The remittance corridor is channeled in
association with the Federal Bank of India, the fourth largest
private sector commercial banks in the country.
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By GlobalData“The Bank’s alliance with NBAD boosts the
Federal Bank’s never ending commitment to its customers and Indian
expatriates. We are continually working to make new channels
available to our customers”, said Shyam Srinivasan, managing
director & CEO, Federal Bank.
According to the World Bank, India ranks at
the top of recipient countries of remittances in the world with a
total inflow of funds of around USD64bn in 2011.
“Indian nationals make up the largest
expatriate group in the UAE and offering this service at such a low
rate compared to the usual market price for their remittances adds
a valuable saving to our customers,” commented Ahmed Al Naqbi, head
of direct banking and e-development at NBAD.
