Following this announcement, Aani Instant Payments represents a new solution that was developed in order to enable SME businesses to collect payments from their clients in an instant and secure manner, with no need for the use of an IBAN.
In addition, the new service aims to allow Mashreq’s SME customers to generate a link or QR code through the Mashreq Biz app, which can then be shared with their own customers in order to enable the collection of payments faster without any bank details to be provided. The Aani Instant Payments will also offer an optimised level of efficiency in transactions, while focusing on improving cashflows for SMEs and allowing them to deliver a wider choice of payment methods to their customers as well.
According to the official press release, the Aani Instant Payments solution is integrated into the Mashreq Biz app, which was designed to allow SME customers access to a wide and secure range of essential services through the use of a unified platform. The addition of the new Aani Instant Payments feature is set to simplify collection options and empower merchants to better serve their own consumers by providing a convenient, secure, and cost-free payment tool.
In order to collect payments, Mashreq SME customers will be required to simply log into the app, tap ‘Pay’ and then ‘Collect Money’, and a payment link or QR code will be generated. This code or link can then be shared with the merchant’s own user, aiming to permit a secure and fast method of payment. As the overall demand for real-time payments continues to rise, Aani aims to offer SMEs an improved way to transact with security and efficiency.
The launch of Aani Instant Payments for SME business customers also aligns with Mashreq’s strategy of enabling the development of improved solutions to all of its clients, while supporting the UAE’s National Payment Systems Strategy as well, which was developed to increase interoperability between payment systems and reinforce the country’s overall position as a global financial hub.
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