Mashreq, a UAE-based financial institution, has launched a new 24/7 money transfer service enabling clients to transfer fund from their mobile phones to beneficiary in India.

With this new service, called Mashreq Flash Transfer, the credit to the beneficiary bank account is offered instantly to Axis Bank. Credit to other bank accounts will be near instant depending on the NEFT cutoffs in India.

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Mashreq said that the recipient can withdraw cash at any of the 12,000+ Axis bank ATMs; without the need to have an ATM card or bank account.

The sender can initiate the remittance by simply selecting the beneficiary phone number from their phone address book.

Mashreq head of electronic business innovation Aref Al Ramli said: "Remittance through electronic channels have increased almost 140% YOY and we expect this unique and first off functionality to provide much more convenience to our customers especially that they are able to use it 24/7 and 365 days a year in over 12000 ATMs in India.

"We at Mashreq understand the urgency when friends and family need money transferred instantly, and we always work towards offering an unique user experience. This offering is a part of the overall SNAPP – mobile banking that is widely used by clients in UAE."

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Mashreq head of personal banking Tooran Asif said: "Mashreq Flash Transfer is a distinctive service that we are certain will benefit our clients looking for speed & efficiency. The ability to dispense cash to the beneficiary across any Axis bank ATM in India is the first that has been attempted by any bank in the region.

"The flash transfer services to India are available 24X7 including days when banks are closed on holidays. We have more such initiatives on the anvil & will continue to be regarded as an innovative bank in this space."