Visa supports cross-border transfers in Bahrain
Visa has launched its Visa+ service in Bahrain, enabling customers to conduct cross-border transfers within the Gulf Cooperation Council (GCC) by using the recipient's mobile number.
Visa is launching this new cross-border remittance service in partnership with local banks, through the BenefitPay app.
Initially, this service is accessible to clients of Bahrain Islamic Bank (BisB) and Khaleeji Bank.
Visa+ allows BisB and Khaleeji Bank customers to send funds to Visa debit and prepaid cardholders across the GCC without the need to share sensitive card or bank account details.
The service uses a mobile number as an alias for the transaction, which enhances the security and simplifies the transfer process.
This move is part of an initiative to create a cross-border payment network.
The initial phase includes BisB and Khaleeji Bank in Bahrain, Emirates NBD in the UAE, and Qatar Islamic Bank in Qatar.
The goal is to connect multiple banks across the GCC and eventually expand to include Pakistan and EU countries, facilitating global remittances.
Visa+ aims to provide financial institutions with the capability to offer their customers a secure and private money movement experience, relevant for peer-to-peer payments, financing disbursements, and cross-border remittances.
Visa Bahrain country manager Ahmed ElKaffass said: "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 BenefitPay, Bahrain Islamic Bank and Khaleeji Bank marks a significant step in transforming remittances, simplifying money transfers, and reshaping the money movement landscape in Bahrain. This innovative service not only enhances convenience for senders but also benefits families, communities, and economies globally."
Earlier this month, Visa expanded its portfolio of services with the launch of three new solutions - a reimagined Authorize.net platform, Unified Checkout, and the ARIC Risk Hub.
"Visa supports cross-border transfers in Bahrain " was originally created and published by Electronic Payments International, a GlobalData owned brand.
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