Qatar Islamic Bank (QIB), the region’s leading digital bank, has launched a first-of-its-kind remittance solution, Visa Direct, in collaboration with Visa, the world’s leader in digital payments.
Visa Direct is a cross-border fund transfer service that allows QIB savings and current account holders to transfer funds from their banking accounts to overseas Visa debit, credit, or prepaid cards in real-time through the QIB Mobile App.
In the first stage, Visa Direct service will be available to more than 25 countries in the Middle East and North Africa (MENA) region, Europe and Asia with plans to include many more countries across the globe.
The new service is developed with a vision to ease the remittance experience of the customers of QIB by offering them a real-time fund transferring facility and crediting the fund directly to the recipient’s Visa card.
Visa Direct is a single gateway for QIB to reach global beneficiaries for payments. To transfer funds, the customers have to enter the Visa card details of the recipient.
D Anand GM – Personal Banking Group QIB
“We are pleased to be partnering with one of the world’s largest electronic payment networks to launch Visa Direct. The new remittance service enables customers to have an easier and simplified banking experience in line with our bank-wide digital transformation program. QIB is committed to implementing new and innovative digital solutions for a fast, safe, and secure banking experience and plans to include more countries to the Visa Direct service periodically.”
Commenting on the launch of the new service, Ms. Saeeda Jaffar, Country Manager of Visa in GCC region, stated that, “With the rise of digital payments, this partnership strives to bring digital-first solutions and we will continue to provide services that meet our consumers’ increasing expectations for seamless and secure ways to move money globally, and with Visa Direct, they have access to our billions of cardholders worldwide and the backing of our trusted global network for fast and secure transfers.”
With the launch of Visa Direct, QIB customers have now more options to transfer money, including the regular bank to bank transfers locally or internationally, Instant money transfer through Western Union, Direct Remit Service through bank corridors to selected countries or even Peer to Peer Payment with the mPay Digital Wallet.
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