Dubai: Money transfers within the UAE can now be completed in just 10 seconds using only the recipient's mobile number, without requiring a bank account number or IBAN (International Bank Account) number. The recently launched 'Aani' platform, introduced in the UAE on October 16, provides licensed financial institutions and banks with the capability to offer immediate payment services. This platform is operated by Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE).

Key advantages of the Aani platform include:

1. Sending money to recipients using their mobile phone numbers.
2. Requesting money.
3. Splitting bills.
4. Upcoming implementation of Quick Response (QR) code payments at shops, businesses, and restaurants, as announced by CBUAE.
5. Managing payment requests, including approving or declining pending payment requests.

It is important to note that the maximum amount that can be transferred in a single transaction through this platform is Dh50,000. Here's how the Aani platform functions:

Aani exclusively supports domestic transfers with licensed financial institutions within the UAE. Currently, only eight UAE-based banks and financial institutions have partnered with the platform. The instant money transfer service can be accessed through the smartphone apps of these participating banks. Alternatively, you can download the Aani mobile app, available for both Apple and Android devices. To use the app, you must have an account with one of the eight licensed financial institutions, which are:

• Abu Dhabi Commercial Bank • Al Fardan Exchange • Emirates NBD • Finance House • First Abu Dhabi Bank • Habib Bank AG Zurich • Mashreq Bank • National Bank of Fujairah

Al Etihad Payments plans to bring more licensed financial institutions on board with Aani by the end of 2024. To utilize Aani for money transfers, follow these steps:

Step 1: Register for the Aani system through your bank's mobile app: If you have an account with one of the participating banks, you can enroll for Aani. The enrollment process may vary slightly depending on your bank, but it generally involves downloading the bank's app and selecting the account (savings or current) you want to link to Aani. Then, confirm your personal details, such as your Emirates ID and mobile number, and enter your security PIN or online banking password.

Step 2: Confirmation: After successfully completing the enrollment process, you will receive a confirmation email from your bank, signifying your successful enrollment on the Aani platform. You can then commence using the platform to transfer or receive money from other Aani users.

To do so, navigate to the 'Transfers' section in your bank's mobile application, where you will find various Aani-related services, including sending money, requesting money, scanning and paying, managing pending requests, and splitting bills. According to Al Etihad Payments, the processing fees for money transfers will be determined by each individual financial institution.