One of the leading digital banks in the Middle East, Emirates NBD, has partnered with Visa to become the first bank in the region to launch Visa+.
Visa+, or the Visa Direct Alias Directory, will enable Emirates NBD customers to send money across borders and domestically via a direct link, ensuring the transaction is securely sent to Visa cardholders.
The payment service also aims to help ‘reshape the remittance and money transfer landscape of the United Arab Emirates’ by allowing money to be transferred either via mobile phone number or 16-digit debit card number, removing the manual bank detail process.
Deepak Chandran, Group Head of Retail Products at Emirates NBD, commented: “As a leading local bank committed to innovation and shaping the future of the UAE’s digital economy, Emirates NBD is proud to strengthen our longstanding partnership with Visa.
“We are excited to be at the forefront of bringing Visa+ to the UAE, offering our customers a seamless and secure way to send money across the GCC.”
The partnership with Visa will see customers of Emirates NBD in the UAE, QIB in Qatar, and Bahrain Islamic Bank and Khaleeji Bank customers – through BenefitPay – perform cross-border transactions.
This effort falls in line with Emirates NBD’s ambition of uniting Gulf Cooperation Council (GCC) banks by connecting them with quicker, seamless transactions. The UAE bank confirmed it also intends to stretch this connection to Pakistan and European customers soon.
Salima Gutieva, Visa VP and Country Manager for UAE, said: “At Visa, we are committed to enhancing the remittance experience for senders in the UAE. The launch of Visa+ with Emirates NBD will transform the way people send money and help reshape the entire remittance landscape in the region.
“This innovative service benefits not only the senders, but also the families, communities, and economies worldwide that rely on these vital funds.”
According to Visa’s annual ‘Money Travels: 2024 Digital Remittances Adoption’ study, 50% of remittance users surveyed in the UAE reported they experienced hidden fees when sending cash, checks, or money orders. Visa+ also addresses this pain point by offering a more transparent and cost-effective solution.
The partnership comes as digital methods are rising in popularity among remittance senders in the UAE. In line with this trend, Visa+ aims to meet the growing demand for digital remittances, with more than half (56%) of UAE users surveyed by Visa’s Money Travels study indicating that they expect to use digital money transfers more often in the future.
