Emirates NBD, a leading bank in the United Arab Emirates, announced the launch of an innovative funds remittance service, DirectRemit 2 Mobile that enables account holders in the UAE to transfer funds to any registered mobile phone number in India, according to a release from the UAE bank.
This pioneering service builds on the bank’s DirectRemit platform that allows money transfers in 60 seconds to beneficiary accounts. DirectRemit 2 Mobile is available for transfers to the UAE’s largest remittance market, India through Axis Bank.
Customers transferring funds using DirectRemit 2 Mobile can now remit funds simply by logging on to their Emirates NBD Mobile Banking and by providing the mobile number of the intended beneficiary. Subsequent transfers can be carried out through the bank’s mobile app at the click of a button with funds credited to any bank account in India.
Suvo Sarkar, Senior Executive Vice President & Group Head – Retail Banking and Wealth Management, Emirates NBD commented: “DirectRemit’s value proposition is centred on customer convenience, instant transfers and best exchange rates.”
The service is being offered by Emirates NBD in conjunction with Empays Payment Systems India, a provider of payment solutions that enable banks to rapidly launch mobile based financial services and Axis Bank, India’s third largest private sector bank, the remittance partner for this service in India.
Since the introduction of the DirectRemit service to India in 2014, the platform has been received very favourably by customers with number of remittances increasing over five times. The funds transfer service is a key component of Emirates NBD’s value proposition to its expatriate customers.