Byblos Bank is the first bank in Lebanon to launch Visa Direct and Visa+ through their “Send Money” service
Beirut, Lebanon, December 19, 2024 – Today, Visa (NYSE: V), a world leader in digital payments, and Byblos Bank, one of the top banks in Lebanon, announced the first launch of the Visa Direct and Visa+ solution in Lebanon, an innovative service that helps individuals move money quickly and securely between different person-to-person (P2P) digital payment apps and which is based on Visa’s cutting-edge global money movement solution.
Byblos Bank customers will now be able to easily send and receive payments through the “Send Money” service on their mobile banking app directly to any Visa card in Lebanon and across 27 countries with just a few taps. Recipients can access funds quickly, and for the first time, clients can also link their mobile numbers through Visa+, eliminating the need to share card details when receiving money.
The partnership between Visa and Byblos Bank marks a significant milestone in Lebanon’s journey toward digital transformation, fostering a shift away from cash-based transactions. It paves the way for fast, secure, and inclusive digital P2P payments, empowering users with enhanced convenience and security while supporting the country’s broader financial inclusion goals.
“Consumers continue to seek simple and seamless ways to digitally move money between friends and family, including the ability to send money between different payment platforms,” said Mario Makary, Vice President and Country Manager for Levant, Visa. “The introduction of Visa Direct/Visa+, in partnership with Byblos Bank, offers a timely alternative to customers and helps to address Lebanon’s estimated $7 billion cross-border remittance market[1], and enhances the efficiency of domestic transactions.We are thrilled to partner with like-minded innovators to broaden the reach of P2P payments across platforms. This partnership also plays a pivotal role in advancing Lebanon’s transition to a cashless economy, driving digital adoption, democratizing payments, and improving financial stability across the country.”
Elie Abou Khalil, Head of Group Retail at Byblos Bank, said: “At Byblos Bank, we are constantly innovating to bring our customers new services that make their lives easier. The launch of the Visa Direct ‘Send Money’ service on our flagship Byblos Bank Mobile Banking App reaffirms our commitment to enhancing the customer experience with secure, fast, and user-friendly banking solutions.”
Byblos Bank clients can start using the “Send Money” service today by updating or downloading the Byblos Bank Mobile Banking App. This seamless transfer experience is designed to meet clients’ financial needs while allowing them to benefit from low fees.
In 2023, Lebanon was among the top 5 recipients of remittances as a share of gross domestic product worldwide, according to the World Bank Group[2]. As the payment ecosystem prioritizes interoperability[3], Visa+ serves as a bridge that helps bring a new level of convenience, simplicity, and reach to the world of person-to-person payments.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable, and secure payments network, enabling individuals, businesses, and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
About Byblos Bank:
Established in 1963, Byblos Bank is one of Lebanon’s foremost banks. With presence through its subsidiaries in the Middle East, Europe, and Africa, Byblos Bank has among its shareholders the (IFC) International Finance Corporation, a member of the World Bank Group, and the Agence Française de Développement with its subsidiary PROPARCO. The Bank provides consumer banking, commercial banking, correspondent banking, and capital markets services and adheres to international standards of corporate governance, customer satisfaction, and quality service.
[1] https://www.lbcgroup.tv/news/news-bulletin-reports/759030/lebanese-expatriates-the-economic-and-political-backbone-of-lebanon/en
[2] https://www.migrationdataportal.org/themes/remittances
[3] https://www.imf.org/-/media/Files/Publications/PP/2023/English/PPEA2023062.ashx