Now, Emirates NBD customers can send money using an 'alias' after Visa tie up

Dubai: Planning to send money to someone within the GCC?

Emirates NBD customers can now do so without using the recipient's name or the beneficiary bank details. Instead, the Dubai bank's clients can remit money directly to Visa cardholders within the GCC using their mobile number detail.

Or their 16-digit debit card number.

Emirates NBD thus becomes the first bank in the UAE to offer 'Visa+' cross-border payment option for customers. In time, Visa has plans to expand the scope of such payment flows to Pakistan and EU countries.

The Visa+ eliminates the 'need to input the account or beneficiary bank details'. According to a Visa 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."

Initially, this will focus on 'seamless' cross-border transfer from customers of Emirates NBD, QIB in Qatar, and the 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," said a statement.

The remittance landscape in the UAE and Gulf continues its shift to a 'digital-only' pivot. Within this space, banks and fintechs are battling for supremacy against traditional FX businesses, which are now focusing a lot on their own online transfer services.

"Visa+ is designed to meet the growing demand for digital remittances, with more than half of UAE users surveyed by Visa’s Money Travels study indicating that they expect to use digital money transfers more often in the future," a statement adds.

"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." 

The Visa+ service can 'improve protection of privacy' for sender and receiver in multiple use cases, including

* P2P (peer-to-peer payments).

* Loan disbursements, and

* Cross border remittances.

"The launch of Visa+ with Emirates NBD will transform the way people send money and help reshape the entire remittance landscape in the region," said Salima Gutieva, Visa Vice-President and Country Manager - UAE.