QIB launches Visa+ to simplify international money transfers
QIB first bank in Qatar to launch Visa+ (Visa Direct Alias Directory) for customers
Doha, Qatar – Qatar Islamic Bank (QIB), Qatar's leading digital bank, has partnered with Visa, a global leader in digital payments, to become the first bank in Qatar to launch the Visa+ (Visa Direct Alias Directory) for its customers. This innovative service offers QIB's customers a more convenient, secure and faster way to send money to Visa cardholders within GCC, marking a significant shift in the remittance and money transfer landscape in Qatar.
With Visa+, the bank's customers can transfer funds to Visa cardholders in other countries using the recipient's alias - a mobile number. This eliminates the need for the recipient to share sensitive information like a 16-digit debit card number (Primary Account Number or PAN), making the process more secure and convenient.
The initial phase of the partnership will focus on enabling seamless cross-border transfers from QIB's customers in Qatar, Emirates NBD in UAE 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 connect multiple banks across markets in GCC soon.
Commenting on the partnership, Mr. D. Anand, QIB's General Manager – Personal Banking Group, said: We are pleased to partner with Visa to be the first bank in Qatar to launch the Visa+ (Visa Direct Alias Directory) for our customers. This partnership highlights our commitment to providing fast, secure and more convenient way to send money through our award winning QIB Mobile App. At QIB, we are committed to provide our customers with innovative solutions to fulfill their financial needs and more.
"At Visa, we understand the crucial role that fast, secure, and easy payments play in people's lives across the region. The introduction of Visa+ in collaboration with Qatar Islamic Bank marks a significant step in transforming remittances, simplifying money transfers, and reshaping the money movement landscape in Qatar. This innovative service not only enhances convenience for senders but also benefits families, communities, and economies globally," said Shashank Singh, Visa's Vice President and General Manager for Qatar and Kuwait.
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), 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.
About Visa Inc.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
About QIB
Established in 1982, Qatar Islamic Bank (QIB) stands as Qatar's pioneering Islamic institution as the second largest bank in the country. It provides a diverse array of banking products and services catering to both individuals and businesses. QIB's dedication to innovation, customer contentment, and upholding the utmost ethical standards has positioned it as a reputable and trusted financial institution in Qatar.
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