In an era where digital transformation is redefining financial ecosystems, Visa continues to lead the way in fostering economic growth and financial inclusion. The launch of Visa Direct and Visa+ in partnership with Byblos Bank marks a significant milestone in Lebanon’s journey toward a cashless economy. These innovations aim to enhance cross-border transactions, streamline peer-to-peer (P2P) payments, and provide secure, efficient, and user-friendly digital payment solutions.
In this exclusive interview with Executive Magazine, Visa provides insights into how these new services align with the company’s broader strategy for Lebanon, the challenges and opportunities in promoting digital payments, and future innovations that will further strengthen the country’s financial landscape.
How does the launch of Visa Direct and Visa+ in partnership with Byblos Bank align with Visa’s broader strategy for fostering digital transformation and financial inclusion in Lebanon?
Visa’s mission is to empower communities and foster local economies by partnering with governments, businesses, and individuals. The launch of Visa Direct marks a significant step towards reducing Lebanon’s reliance on cash by offering a user-friendly, digital-first payment solution that enables faster, safer, and more transparent transactions. With Visa Direct, users can seamlessly send and receive funds globally through a single point of access to billions of endpoints, greatly simplifying remittances for the approximately 15.4 million Lebanese diaspora. This partnership with Byblos Bank supports Lebanon’s transition to a cashless economy and promotes greater financial inclusion for both banked and unbanked populations, connecting people and businesses to the global economy with unmatched convenience and simplicity.
Lebanon has a significant reliance on cash-based transactions. What specific challenges do you foresee in encouraging the adoption of digital P2P payments, and how does Visa plan to address them?
Lebanon faces a complex economic landscape shaped by infrastructure barriers, and political instability impacting both the GDP of the country and the banking system. Limited digital infrastructure, an evolving regulatory environment, economic instability, and security concerns impact the nation’s transition to a cashless economy. Amid these challenges, there is a growing demand for faster, more secure, and cost-effective payment methods, such as digital wallets, prepaid cards, and contactless payments. Visa plans to address these challenges through various strategies. We will invest in education and awareness campaigns to inform consumers and businesses about the benefits and security of digital payments. We are also partnering with local banks like Byblos Bank and fintech companies to enhance the digital payment infrastructure and offer innovative solutions like Visa Direct and Visa+. Additionally, we are also actively engaging with the regulator to create a favorable environment for digital payments. To enhance security, Visa is promoting new data and identity & risk solutions while conducting risk roadshows to promote Visa Risk Services.
Through education, partnerships, regulatory engagement, infrastructure enhancement, and security measures, we aim to foster a conducive environment for the rapid adoption of digital P2P payments, accelerating Lebanon’s journey towards a digital future.
With Lebanon being one of the top recipients of remittances as a share of GDP, how does Visa Direct/Visa+ aim to improve the efficiency and cost-effectiveness of cross-border money transfers for Lebanese expatriates and their families?
Visa Direct and Visa+ aim to significantly improve the efficiency and cost-effectiveness of cross-border money transfers for Lebanese expatriates and their families by leveraging Visa’s cutting-edge global money movement solutions. The introduction of Visa Direct/Visa+, in partnership with Byblos Bank, offers a timely alternative to customers evolving needs and helps to address Lebanon’s estimated $7 billion cross-border remittance market[1] while enhancing the efficiency of domestic transactions. With this innovation, Visa is not only shaping the future of money movement in Lebanon but also widening the cross-border opportunity.
Given the challenges faced by the banking system, there is a definitive need of services that helps individuals move money quickly and securely between different person-to-person (P2P) digital payment apps and Visa+ bridges this gap. The partnership with Byblos Bank will facilitate easy sending and receiving of payments through the ‘Send Money’ service on customers’ mobile banking app directly to any Visa card in Lebanon and across 27 countries with just a few taps. While accessing remittance 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. This solution fosters a shift away from cash-based transactions, empowering users with enhanced convenience and security while supporting the country’s broader developmental and economic goals.
Visa Direct enables real-time transactions, allowing funds to be sent and received within minutes, which is particularly beneficial for expatriates who need to send money quickly to their families in Lebanon. By partnering with local banks like Byblos Bank, Visa Direct offers competitive transfer fees, making it a cost-effective solution for cross-border remittances. Visa Direct and Visa+ are backed by Visa’s leading payment security measures, ensuring that transactions are safe and secure. These builds trust among users and encourages the adoption of digital remittance services.
Overall, Visa Direct and Visa+ aim to enhance the efficiency and cost-effectiveness of cross-border money transfers by providing a fast, secure, and user-friendly solution that meets the financial needs of Lebanese expatriates and their families.
Can you elaborate on the user experience improvements brought by Visa+’s mobile number linking feature, and how this addresses security and privacy concerns for consumers?
The Visa+ mobile number linking feature offers significant improvements to user experience by eliminating the need to share card details when receiving money. It safeguards recipient information, ensuring privacy and convenience throughout the transaction. By linking their mobile numbers, users can securely receive funds without disclosing sensitive card details, effectively addressing privacy concerns.
Visa’s strong digital payment infrastructure ensures the security of these transactions. Over the past years, Visa has invested more than $10 billion globally in technology, including measures designed to reduce fraud and enhance network security. This substantial investment underscores Visa’s commitment to providing a secure and reliable payment network. The use of AI and advanced data analytics further enhances security by detecting and preventing fraud at a scale unmatched by any payments network. These technologies enable Visa to monitor transactions in real-time, identify suspicious activities, and take proactive measures to protect users from fraud.
By harnessing technology, Visa helps people easily fund digital wallets, facilitate payouts to cards, accounts or digital wallets; while transforming the way people can send money to one another. The mobile number linking feature is a key innovation that not only improves the user experience but also strengthens security and privacy for consumers, making digital transactions more accessible and trustworthy.
What made Byblos Bank the ideal partner for this initiative, and are there plans to expand the collaboration with other financial institutions in Lebanon or the region?
Byblos Bank is one of the top banks in Lebanon with a significant customer base and a strong reputation in the market. Their extensive network and customer reach make them a great partner to drive the adoption of digital payment solutions. Byblos Bank has a history of embracing innovative banking solutions to enhance customer experience. The launch of the Visa Direct “Send Money” service on their mobile banking app reaffirms their commitment to providing secure, fast, and user-friendly banking solutions. Byblos Bank’s focus on digital transformation and financial inclusion aligns perfectly with Visa’s broader strategy. The partnership aims to foster a shift away from cash-based transactions, promote digital adoption, and support Lebanon’s transition to a cashless economy. Byblos Bank has successfully collaborated with Visa in the past, demonstrating their ability to implement and promote Visa’s payment solutions effectively. This established relationship and proven track record made them a reliable partner for this initiative.
Visa is actively engaged with leading banks in the region to continue driving innovation and digital transformation journeys. The success of the Visa Direct/Visa+ initiative with Byblos Bank sets a strong precedence for future collaborations. Visa aims to work with like-minded innovators to extend the reach of digital payment solutions, enhance financial inclusion, and drive digital transformation across the region. The LEVANT region is witnessing a significant push towards digital innovation, with financial institutions and technology providers working together to create a more inclusive and efficient financial ecosystem. This collaborative effort is paving the way for a cashless future, where digital payments become the norm, and financial services are accessible to all.
Beyond Visa Direct and Visa+, what future innovations or services is Visa planning to introduce in Lebanon to further enhance the digital payment ecosystem and support the evolving needs of consumers and businesses?
In Lebanon, Visa remains committed to creating opportunities, fostering economic resilience, and seamlessly connecting people and businesses to the global economy. By expanding access to banking services, promoting digital payments, and driving financial literacy initiatives, we are dedicated to advancing financial inclusion and making financial services more accessible and affordable.
Through innovative solutions and strategic partnerships, we will continue to enhance the way people pay and get paid, ensuring both security and convenience. Some examples include Tap to Phone, a low-cost acceptance solution that is easy as well as convenient and is popular among small businesses. Tap-to-Add Card is a significant advancement in digital wallet provisioning in the region and allows cardholders to add their Visa contactless cards to digital wallets with a simple tap on their mobile device. Visa PassKey is another service that enhances security through biometric authentication without the need for passwords.
Standing alongside the people of Lebanon is our mission, to further power the country’s global connectivity and pave the way for a more economically empowered future.
[1] https://www.lbcgroup.tv/news/news-bulletin-reports/759030/lebanese-expatriates-the-economic-and-political-backbone-of-lebanon/en