Visa enables money transfers by mobile number in Bahrain
The innovative service, made available through Benefitpay, is available to customers of Bahrain Islamic Bank (BisB) and Khaleeji Bank at the initial phase.
Bahrain is one of the first global markets to offer Visa+, marking a significant milestone that highlights the market's readiness to embrace next-generation financial solutions and accelerate digital-first experiences, said Visa.
With Visa+, Bahrain Islamic Bank (BisB) and Khaleeji Bank customers can transfer funds to Visa debit and prepaid cardholders within other GCC countries using only the recipient's alias - a mobile number. This eliminates the need to share sensitive information such as a 16-digit debit card number (Primary Account Number - PAN) or IBAN, making the process more secure and convenient.
The initial phase of rolling out Visa+ in the region focuses on enabling seamless cross-border transfers from BisB and Khaleeji Bank customers in Bahrain, Emirates NBD in UAE, and Qatar Islamic Bank in Qatar. This strategic move marks the first step in building a broader ecosystem that aims to connect multiple banks across markets in the GCC and eventually in Pakistan and EU countries; facilitating cross-border remittances for more senders and receivers globally, it said.
Abdulwahed AlJanahi, the Chief Executive of Benefit, said: 'Launching this service through our strong partnership with Visa represents an important step in enhancing innovation in the financial technology sector by providing an important service for cross-border money transfers between the GCC countries in the first phase and the rest of the world in the future. We thank Visa for choosing Benefit to launch this service. We also thank Bahrain Islamic Bank and Khaleeji Bank for its early joining of the service with us via the BenefitPay application, and we are working to include the rest of the banks in the near future.'
"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," said Ahmed ElKaffass, Visa's Country Manager for Bahrain.
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), financing disbursements, 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, said Visa. - TradeArabia News Service
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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