Emirates NBD and Visa Launch Visa+ for Seamless Money Transfers
Emirates NBD, one of the leading banks in the Middle East, has partnered with global payments giant Visa to launch Visa+, a new service that allows customers to send money using an ‘alias’ instead of traditional bank details. This move makes Emirates NBD the first bank in the UAE to introduce this innovative solution, aiming to make international money transfers faster, safer, and more convenient for its customers.
How Visa+ Works: Sending Money with an Alias
With Visa+, Emirates NBD customers can transfer funds to Visa cardholders in other Gulf Cooperation Council (GCC) countries by simply using an alias—such as the recipient’s mobile number or their 16-digit debit card number. This eliminates the need to enter complex account numbers or beneficiary bank details, streamlining the process for both senders and receivers.
The service is designed to be user-friendly. Customers only need to enter the alias, and the system will route the funds to the correct Visa cardholder. This approach saves time and reduces the risk of errors that can occur when entering lengthy account information.
Addressing Hidden Fees and Transparency
A key motivation behind the launch of Visa+ is to address common pain points in the remittance market. According to Visa’s annual Money Travels: 2024 Digital Remittances Adoption study, half of remittance users in the UAE have faced hidden fees when sending money through traditional methods like cash, checks, or money orders. Visa+ aims to offer a more transparent and cost-effective solution, helping customers avoid unexpected charges and making the process more predictable.
Initial Rollout and Expansion Plans
The initial phase of the Visa+ rollout focuses on enabling cross-border transfers from Emirates NBD customers in the UAE to Visa cardholders in other GCC countries. The service is also available to customers of Qatar Islamic Bank (QIB) in Qatar and Bahrain Islamic Bank and Khaleeji Bank (via BenefitPay) in Bahrain.
This partnership is just the beginning. Emirates NBD and Visa plan to expand the Visa+ network to connect more banks across the GCC, and eventually to countries like Pakistan and those in the European Union. The goal is to create a broad ecosystem that facilitates seamless cross-border remittances for a growing number of users.
Meeting the Growing Demand for Digital Remittances
Digital payment methods are becoming increasingly popular among remittance senders in the UAE. Visa’s Money Travels study found that 56% of UAE users expect to use digital money transfers more often in the future, and 73% of remittance users plan to send more money abroad. This trend highlights a strong opportunity for digital remittance solutions like Visa+.
Leadership Comments: Commitment to Innovation
Deepak Chandran, Group Head of Retail Products at Emirates NBD, expressed pride in the bank’s commitment to innovation and its partnership with Visa. He stated, “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. This launch reaffirms our commitment to delivering cutting-edge solutions that enhance convenience, security, and flexibility for our customers.”
Salima Gutieva, Visa’s Vice President and Country Manager for the UAE, added, “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.”
Benefits for Customers and Financial Institutions
Visa+ offers several advantages for both customers and financial institutions:
- Convenience: Sending money is as easy as entering a mobile number or card number, removing the need for detailed bank information.
- Speed: Transfers are processed quickly, making funds available to recipients faster than many traditional methods.
- Security: The system is designed to protect the privacy of both senders and receivers, reducing the risk of fraud or data breaches.
- Transparency: Customers can see the fees upfront, helping them avoid hidden charges.
- Flexibility: The service supports various use cases, including peer-to-peer payments, loan disbursements, and international remittances.
For financial institutions, Visa+ provides an opportunity to expand their reach and connect to a growing ecosystem of secure networks, improving the overall money movement experience for their customers.
Transforming the Remittance Landscape
The launch of Visa+ marks a significant step forward in the evolution of digital payments and remittances in the UAE and the wider GCC region. By making it easier, faster, and safer to send money across borders, Emirates NBD and Visa are helping to reshape the way people support their families and communities abroad.
As digital adoption continues to rise, services like Visa+ are expected to play a crucial role in meeting the needs of a diverse and increasingly mobile population. The partnership between Emirates NBD and Visa sets a new benchmark for innovation in the banking sector and demonstrates a strong commitment to enhancing customer experience in the digital age.
What’s Next?
Emirates NBD and Visa plan to continue expanding the Visa+ service, connecting more banks and countries to the network. As the ecosystem grows, customers can expect even greater convenience and flexibility when sending money internationally.
For now, Emirates NBD customers can enjoy the benefits of sending money using an alias, making cross-border transfers simpler and more secure than ever before.
