Dubai, UAE; 27 May 2025: In a significant development set to reshape financial transactions for small and medium-sized enterprises (SMEs), Mashreq Bank, one of the foremost financial institutions in the MENA region, has unveiled its innovative Aani Instant Payments solution. This cutting-edge service is designed to allow businesses to collect payments from their customers instantaneously, securely, and effortlessly—all without the need for an International Bank Account Number (IBAN).
At the heart of this new offering lies the Mashreq Biz app, which enables SME clients to generate a unique payment link or QR code. This digital tool can be shared with customers, facilitating rapid payment collection in mere seconds. The implications of this innovation are profound; by removing traditional barriers associated with financial transactions, Mashreq is empowering SMEs to enhance cash flow and broaden the spectrum of payment options available to their clientele, ultimately amplifying sales potential.
Rajeev Chalisgaonkar, Head of Business Banking and NEO BIZ at Mashreq Bank, articulated the significance of this launch: “We are proud to be the first bank in the UAE to offer Aani Instant Payments to SMEs. This solution demonstrates our commitment to assist our Business Banking and NEO BIZ clients in improving their cash flows through innovative banking solutions. With this new feature, SME customers can collect money faster, while their retail consumers enjoy a simpler and more immediate means of payment for their purchases.”
This pioneering initiative stands as a testament to the ongoing evolution of the financial services sector in the UAE, which is continuously adapting to the needs of its citizens and businesses. The Aani Instant Payments solution not only simplifies the collection process for SMEs but also enhances the overall consumer experience, offering a secure, efficient, and hassle-free payment method.
The integration of Aani Instant Payments into the Mashreq Biz app marks a significant stride in the digital banking landscape, providing SMEs with access to a comprehensive suite of services through a single, unified platform. This strategic move reflects the bank’s dedication to fostering innovation and aligning with the aspirations of the UAE’s National Payment Systems Strategy, which seeks to bolster the country’s status as a global financial hub.
Andrew McCormack, Chief Operating Officer at Al Etihad Payments, expressed enthusiasm regarding this collaboration: “We are delighted to onboard Mashreq as a provider of the innovative Aani Instant Payment solution—bringing intuitive, secure, and inclusive digital payments to small-scale merchants and their customers. 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 immediate acceptance, Aani is not only enhancing business efficiency but also courting advancements in financial inclusion that echo the UAE’s broader vision of a cashless, digitally empowered economy.”
The process for SME clients to collect payments is straightforward. Upon logging into the Mashreq Biz app, users simply select the ‘Pay’ option followed by ‘Collect Money’, leading to the generation of a secure payment link or QR code. This can easily be dispatched to clients, facilitating seamless transactions that are both efficient and cost-effective.
Kartik Taneja, Head of Payments & Consumer Lending at Mashreq, highlighted the broader implications of this launch: “With the introduction of Aani Instant Payments, we are reinforcing our commitment to delivering seamless, real-time payment solutions that simplify the collection of funds for businesses. This first-of-its-kind solution reflects Mashreq’s vision to empower SMEs with advanced digital tools that enhance operational efficiency and accelerate their growth in today’s digital economy.”
The launch of Aani Instant Payments is not merely an isolated event; it is indicative of a larger trend reflecting the necessity for innovation in the rapidly evolving financial landscape. By addressing the unique challenges faced by SMEs and providing them with tools to thrive in a digital economy, Mashreq Bank demonstrates its ongoing commitment to being the region’s most progressive challenger bank.
As the UAE continues to navigate the complexities of the modern financial world, the introduction of such pioneering solutions is expected to serve as a catalyst for growth and modernization, facilitating the integration of more SMEs into the digital economy while contributing to a secure and efficient transactional environment across the nation.
Tags: #BusinessNews #EconomyNews #UAE #DigitalPayments #SMEs