Visa and Emirates NBD Unite to Revolutionize Digital Remittances in the UAE
Emirates NBD, a prominent banking group in the MENAT region, has partnered with Visa to introduce Visa+ in the United Arab Emirates. This innovative solution aims to enhance digital payments and streamline money transfers for customers across the region.
Emirates NBD and Visa Collaboration
In a groundbreaking move, Emirates NBD has become the first bank in the UAE to offer the Visa+ (Visa Direct Alias Directory) solution. This partnership is designed to provide a more secure and efficient money transfer system for Emirates NBD customers.
Benefits of Visa+
- Simple Transfers: Users can send money to Visa cardholders in GCC countries using just an alias, such as a mobile number or debit card number.
- Reduced Complexity: The solution eliminates the need for traditional bank account details, addressing common consumer pain points.
- Cost Transparency: Visa+ aims to reduce hidden fees and transfer inefficiencies that often plague traditional methods.
Revolutionizing Digital Remittances
Visa+ is set to transform the digital remittance landscape in the region by providing a more transparent and cost-effective alternative. The initial phase of this service will support cross-border transfers for Emirates NBD customers in the UAE, as well as clients from QIB in Qatar and Bahrain Islamic Bank and Khaleeji Bank users through BenefitPay.
Expanding the Ecosystem
The long-term vision for Visa+ includes building a comprehensive ecosystem that spans the GCC and eventually extends to Pakistan and countries in the European Union. This initiative comes at a time when demand for digital remittances is on the rise in the UAE.
Growing Demand for Digital Money Transfers
According to Visa’s 2024 Money Travels: Digital Remittances Adoption study, 56% of respondents in the UAE anticipate using digital money transfers more frequently, while 73% plan to send larger amounts abroad. This upward trend underscores the growing need for solutions like Visa+.
Enhanced Privacy and Transaction Simplicity
By integrating Visa+, financial institutions can enhance privacy protection and simplify various transaction types, including:
- Peer-to-peer (P2P) payments
- Loan disbursements
- Cross-border remittances
Partner banks can leverage Visa’s extensive ecosystem to offer a seamless and secure money movement experience for both senders and recipients.
Statements from Industry Leaders
Deepak Chandran, Emirates NBD Group Head of Retail Products, stated, “As a leading local bank committed to innovation, Emirates NBD is excited to strengthen our partnership with Visa and bring Visa+ to the UAE. This launch reinforces our dedication to delivering solutions that enhance convenience, security, and flexibility for our customers.”
Salima Gutieva, Visa’s VP and Country Manager for the UAE, added, “The launch of Visa+ with Emirates NBD will transform the remittance experience in the UAE, benefiting families and economies worldwide that depend on these vital funds.”
For more insights on digital payments and banking innovations in the MENAT region, visit our Emirates NBD page.
