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VISA Launches Money Transfers in Bahrain via Benefit BE App Using Only Phone Number
Visa, the global leader in digital payments, announced the launch of Visa+ in Bahrain, enabling users to send money to Visa cardholders in the Gulf Cooperation Council (GCC) countries using only the recipient's phone number. This innovative service is initially available to customers of the Bahrain Islamic Bank (BisB) and Gulf Bank. Bahrain is among the first global markets to offer Visa+, marking a significant achievement that demonstrates the market's readiness to adopt the new generation of financial solutions and accelerate digital experiences.
The Visa+ service allows customers of Bahrain Islamic Bank and Gulf Bank to transfer funds to Visa debit and prepaid cardholders in other Gulf countries using only the recipient's phone number, eliminating the need for the recipient to share sensitive information such as 16-digit card numbers (primary account number) or International Bank Account Number (IBAN), making the transaction safer and easier.
The initial phase of launching the new Visa+ feature in the region focused on enabling seamless cross-border money transfers by customers of Bahrain Islamic Bank, Gulf Bank in Bahrain, Emirates NBD in the UAE, and Qatar Islamic Bank in Qatar. This strategic move represents the first stage in building a comprehensive ecosystem aimed at connecting several banks across the GCC markets and then expanding to Pakistan and EU countries, facilitating cross-border money transfers for a larger number of senders and recipients worldwide.
Commenting on the service launch, Abdul Wahid Al-Junaibi, CEO of Benefit, said: "The launch of this service through our strong partnership with Visa represents an important step in enhancing innovation in the fintech sector by providing a crucial service for cross-border money transfers among GCC countries in the initial phase, and later with the rest of the world. We thank Visa for choosing Benefit to launch this service, and we also thank Bahrain Islamic Bank and Gulf Bank for their early participation in the service through the Benefit BE app, and we aim to include other banks soon."
Ahmad Al-Qaffas, General Manager of Visa in Bahrain, stated: "At Visa, we recognize the importance of providing a fast, easy, and secure payment experience to improve people's lives in the region. The launch of Visa+ in collaboration with Benefit through the Benefit BE app, as well as Bahrain Islamic Bank and Gulf Bank, is a significant step toward positively transforming the landscape of money transfers, enhancing efficiency, and simplifying the process, with the aim of reimagining the flow of money in Bahrain. In addition to facilitating the experience for money senders, this innovative service will benefit families, communities, and economies around the world."
The Visa+ service helps financial institutions provide a better money transfer experience while enhancing privacy protection mechanisms for both senders and recipients in various use cases, including peer-to-peer (P2P) payments, funding disbursements, and cross-border money transfers. The Visa+ service supports Visa's financial institution partners in enhancing their expansion efforts by linking them to a growing network of secure systems to improve the money transfer experience for these institutions and their customers.
About Visa
Visa (listed on the New York Stock Exchange under the symbol V) is a global leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities in more than 200 countries and territories. Visa's mission focuses on connecting the world through the most secure, innovative, convenient, and reliable payment network, along with its role in empowering and supporting individuals, businesses, and economies to achieve growth and prosperity. At Visa, we believe that economies that include everyone, everywhere, uplift everyone, everywhere, and we see enhancing access to financial system solutions and services as a fundamental pillar for building the future of money movement. For more information, please visit the following websites About Visa or visamiddleeast.com/blog and follow our news on @VisaCEMEA.
