Mashreq, one of the leading financial institutions in the MENA region, has partnered with Visa (NYSE: V), a world leader in digital payments, to enable the bank’s customers to move money to bank accounts globally in near real-time.
Through this partnership, Mashreq becomes the first bank in the Gulf Cooperation Council (GCC) to leverage Visa Direct Account capability to simplify the remittance experience for its customers and bring efficiency to global money movement. Mashreq customers will now be able to remit funds – quickly, easily, and securely – across 44 markets in Europe, North America, and South-East Asia, providing a swift and cost-effective payment solution.
Salima Gutieva, VP and Country Manager for the UAE, said: “The UAE is among the largest source markets of remittances globally, with a growing number of consumers seeking an enhanced remittance experience. We are excited to see Mashreq become the first bank in GCC to use Visa Direct Account capability to offer its customers a reliable, cost-effective way to send money. This partnership will also help reinforce the UAE’s position as a leader in the global remittance landscape. We look forward to similar collaborations with our local partners in the region so more consumers can enjoy a better remittance experience.”
Commenting on the partnership, Kartik Taneja, Head of Payments and Consumer Lending at Mashreq, said: “We are pleased to announce our partnership with Visa to introduce Visa Direct Account service in the region. This collaboration enables us to provide faster, secure and convenient remittance services. This enhancement allows for global money transfers in near real-time, highlighting Mashreq’s ongoing commitment to consistently improve customer experience through innovative solutions.”
Visa’s recent Money Travels: 2023 Digital Remittances Adoption study[1] revealed around 70 percent of UAE consumers surveyed are turning to digital apps to remit funds internationally, compared to 53 percent globally. Fifty-seven percent of surveyed remittance senders believe that making it easier to send money to other countries is the key benefit of digital payments. Among remittance senders who do not use digital methods, 36% are very likely to use digital transfers in the future.
