Emirates NBD becomes the first bank in the UAE to launch Visa+ Simplifying International Money Transfers
Emirates NBD, a leading banking group in the Middle East, North Africa, and Türkiye (MENAT) region, has partnered with Visa, a global leader in digital payments, to become the first bank in the UAE to launch Visa+ (Visa Direct Alias Directory) for its customers. This innovative service offers Emirates NBD's customers a more convenient, secure and faster way to send money to Visa cardholders within the GCC, reshaping the remittance and money transfer landscape in the UAE.
With Visa+, Emirates NBD customers can transfer funds easily to Visa cardholders in other GCC countries using an alias – either their mobile number or their 16-digit debit card number – eliminating the need to input the account or beneficiary bank details. According to Visa's annual Money Travels: 2024 Digital Remittances Adoption study, 50% of remittance users surveyed in the UAE reported encountering 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 initial phase of the partnership will focus on enabling seamless cross border transfers from customers of Emirates NBD in the UAE, QIB in Qatar, and from Bahrain Islamic Bank and Khaleeji Bank customers (through BenefitPay) in Bahrain. This strategic move marks the first step in building a broader ecosystem that will soon connect multiple banks across GCC markets, and eventually in Pakistan and EU countries, facilitating cross-border remittances for more senders and receivers globally.
The partnership comes as digital methods are rising in popularity among remittance senders in the UAE. In line with this trend, Visa+ is designed 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. The study also revealed that 73% of remittance users in the UAE plan to send more money abroad, presenting a strong opportunity for digital remittances.
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. This launch reaffirms our commitment to delivering cutting-edge solutions that enhance convenience, security, and flexibility for our customers. By continuously evolving our offerings, we reinforce our leadership position in the UAE banking sector and set new benchmarks in digital payments.'
"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," said Salima Gutieva, Visa's VP and Country Manager for UAE.
For financial institutions, enabling Visa+ can help create a better money movement experience—and improve protection of privacy—for both the sender and the receiver for a variety of use cases, including P2P (peer-to-peer payments), loan disbursements, and cross border remittances. Visa+ offers Visa's financial institution partners capabilities to expand their reach by connecting to an ever-evolving ecosystem of secure networks for an improved money movement experience for both financial institutions and their customers.
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