Emirates NBD has made headlines by becoming the first bank in the UAE to introduce Visa+, a service designed to simplify international money transfers. In collaboration with Visa, a prominent player in digital payments, the bank aims to provide its customers with a faster, secure, and more efficient method to send money to Visa cardholders across the Gulf Cooperation Council (GCC).

With the new Visa+ service, Emirates NBD customers can transfer funds to Visa cardholders in other GCC countries using an alias, such as a mobile number or the 16-digit debit card number. This eliminates the need to enter complicated account or beneficiary bank details. According to Visa’s annual Money Travels: 2024 Digital Remittances Adoption study, 50% of remittance users in the UAE reported facing hidden fees when sending cash, checks, or money orders, a challenge that Visa+ addresses by offering a more transparent solution.

The initial rollout will focus on cross-border transfers from Emirates NBD customers in the UAE, as well as users from Qatar Islamic Bank and Bahrain Islamic Bank through BenefitPay. This strategic partnership is the first step toward creating a wider network that will eventually connect multiple banks across GCC markets and extend to countries like Pakistan and those in the European Union.

Digital payment methods are gaining traction among remittance senders in the UAE. Visa’s Money Travels study indicates that over half (56%) of users in the UAE anticipate increased usage of digital money transfers in the future. Furthermore, 73% of remittance users plan to send more money abroad, highlighting a significant opportunity for innovative digital remittance solutions.

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 that the launch of Visa+ represents a significant advancement in providing customers with a seamless and secure method for sending money across the GCC.

Salima Gutieva, Visa’s VP and Country Manager for the UAE, noted that the partnership would enhance the remittance experience for senders and reshape the remittance landscape in the region. She emphasized that this service benefits not only the senders but also the communities that rely on these funds.

Visa+ offers financial institutions a chance to improve money movement experiences while ensuring privacy for both senders and receivers. The service supports various use cases, including peer-to-peer payments, loan disbursements, and international remittances, giving Visa’s partners an opportunity to expand their reach within a secure network.