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Sun 7 Oct 2007 05:16 PM

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NBAD launches mobile money transfer

SMS Money Transfer allows customers to transfer money by SMS to any mobile phone user.

National Bank of Abu Dhabi (NBAD) has launched a service that will allow customers to transfer money through SMS to anyone who has a mobile phone.

Users of the service, called SMS Money Transfer, call a toll-free number and are then asked to enter the recipient's mobile phone number, the amount to be transferred and the account to be debited.

NBAD's system will verify the request and send an SMS to the recipient notifying them of the transaction. The message will include a temporary PIN to be used on any NBAD ATM for the transaction.

Saif Al-Shehi, general manager of NBAD's domestic banking division, said: "The fact that NBAD is the first bank in the UAE to launch SMS Money Transfer illustrates our progressive mentality in adopting highly advanced technologies to better serve our customers.

"This service comes to meet the high demand for a reliable and secure modern transactions system in an age characterised by rapid growth of mobile phone use."

Earlier this month, NBAD, in conjunction with Mobile Value Systems (MVS), launched LUUP, a system that will allow its customers in the UAE to use their mobile phones to make secure payments and transfers to any bank or mobile phone, as well as person-to-person.

Saeed Al-Shamsi, head of NBAD's retail banking group, said: "We launch SMS Money Transfer after launching LUUP mobile payment system earlier this month as we are constantly on the lookout for services that benefit our customers."

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