etisalat money and Visa forge strategic partnership to revolutionise cross-border payments
The fintech arm of etisalat has joined forces with Visa to introduce expanded international money transfer capabilities, offering customers unprecedented flexibility in how they send funds across borders.
etisalat money, the distinguished fintech division of etisalat, has announced a transformative strategic partnership with Visa to elevate international money transfer options for the residents and enterprises of the United Arab Emirates. Through Visa Direct, a globally comprehensive money movement platform, the collaboration aspires to serve an expansive spectrum of cross-border payment requirements, encompassing person-to-person remittances and international commerce for small businesses alike.
The partnership endeavours to introduce innovative cross-border payment functionalities within the etisalat money application, furnishing customers with a secure and sophisticated mechanism for conducting international transfers. Melike Kara Tanrikulu, Chief Executive Officer of etisalat money, articulated the strategic vision: “International money transfers represent a cornerstone of how people and businesses maintain their vital connections across borders. As customer expectations continually evolve, our partnership with Visa Direct represents a consequential advancement in broadening our international payment capabilities and reinforcing our standing within the digital financial services sector.”
The collaboration shall introduce four additional international transfer capabilities to the platform. Visa Direct to Card enables customers to remit funds directly to the eligible recipients’ payment cards utilising their card particulars. Visa+, an innovative service, facilitates expedited and secure person-to-person transfers across multiple digital payment applications, permitting customers to initiate transfers using merely a recipient’s telephone number rather than conventional banking credentials.
The partnership further encompasses personal to business transfers, permitting customers to dispatch funds internationally from their personal etisalat money accounts to business entities. SWIFT transfers shall additionally enrich the spectrum of international payment methodologies accessible through the application, complementing etisalat money’s existing international transfer services, which presently extend to more than 150 countries worldwide.
Customers currently possess the capacity to remit funds through an array of payout methodologies, including bank accounts, digital wallets and cash collection points. The application furnishes live currency exchange rates, projected transfer durations and comprehensive transaction monitoring, affording customers enhanced transparency throughout their transactions. Fadi Moukaddem, Senior Vice President and Group Country Manager for the UAE, Kuwait and Qatar at Visa, observed: “By uniting Visa Direct’s expansive global network with etisalat money’s sophisticated digital financial services proposition, we shall furnish consumers and businesses with enhanced choice in international money movement.”
The expanded services shall initially facilitate transfers to principal remittance corridors encompassing India, Egypt, Pakistan, Bangladesh, the Philippines, the United Kingdom and China, whilst simultaneously enabling access to digital wallet destinations throughout multiple territories. By consolidating supplementary payment methodologies within a singular digital platform, etisalat money aspires to address the multifaceted requirements of the emirate’s internationally connected populace, permitting customers to select transfer approaches aligned to their particular preferences and recipients’ specific requirements.
Source: WAM