Mashreq Rolls Out Aani Instant Payments for SMEs in the UAE
Mashreq has introduced Aani Instant Payments, a new feature designed to allow SMEs to collect payments from their customers instantly and securely, without requiring an IBAN.
The Aani Instant Payments feature enables Mashreq's SME clients to generate a link or QR code via the Mashreq Biz app, which can then be shared with their customers.
This allows payments to be made within seconds, without the need to exchange bank account details.
The solution is expected to improve cash flow management for SMEs and provide customers with additional payment options.
Rajeev Chalisgaonkar, Head of Business Banking and NEO BIZ at Mashreq, said:
'This solution demonstrates our commitment to help our Business Banking and NEO BIZ clients improve their cashflows through innovative banking solutions. With this new feature, SME customers can collect money faster, and their retail consumers also enjoy a far simpler and instant way of making payment for their purchases.'
The Aani Instant Payments feature is integrated into the Mashreq Biz app, which provides SMEs access to a range of essential financial services on a single platform.
The new addition simplifies the payment collection process and offers a secure, convenient option at no cost to the merchant.
Andrew McCormack, Chief Operating Officer at Al Etihad Payments, commented:
'As demand for seamless, real-time payments continues to rise, Aani offers SMEs a powerful way to transact with greater ease and agility. By removing traditional barriers and enabling instant acceptance, Aani is not only enhancing business efficiency but is advancing financial inclusion and supporting the UAE's broader vision of a cashless, digitally empowered economy.'
To request a payment, Mashreq SME clients log into the app, select 'Pay' followed by 'Collect Money', and a payment link or QR code is created.
This can then be sent to the customer, offering a quick and secure method of completing transactions.
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