This new feature delivers Emirates NBD users a more secure and faster method to send money to Visa cardholders within the GCC, transforming the remittance and money transfer background in the UAE. Through this collaboration, Emirates NBD becomes one of the first banks in the UAE to offer Visa+.
With this option, Emirates NBD customers can efficiently transfer funds to Visa cardholders in other GCC countries using an alias, such as their mobile number or 16-digit debit card number, without the need to enter the account or beneficiary bank details. For financial institutions, Visa+ improves money flow and offers privacy protection for both the sender and the receiver in various scenarios, including peer-to-peer (P2P), loan disbursements, and cross-border remittances.
The initial phase of the partnership focuses on enabling optimised cross-border transfers for customers of Emirates NBD in the UAE, QIB in Qatar, and Bahrain Islamic Bank, as well as for Khaleeji Bank customers (through BenefitPay) in Bahrain. This initiative is important for building a broader ecosystem that connects multiple banks across GCC markets and eventually extends to Pakistan and EU countries, facilitating cross-border remittances for more senders and receivers globally.
Visa’s annual ‘Money Travels: 2024 Digital Remittances Adoption’ study revealed that digital methods are becoming more popular among remittance senders in the UAE. In line with this trend, Visa+ aims to meet the growing demand for digital remittances, as over half (56%) of UAE responders expect to use digital money transfers more frequently in the future.
The same study indicates that approximately 73% of expats in the UAE plan to send more money abroad, highlighting a strong opportunity for digital remittances. The research also shows that 50% of remittance users have encountered hidden costs when sending cash, checks, or money orders, highlighting the growing demand for secure, cost-effective solutions.
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