Money Without Borders: How Visa is Powering the Future of Cross-Border Payments

Khaleej Times

20 hours ago

Salima Gutieva, Visa's VP and Country Manager for UAE, shares insights on the money flows in the GCC region, revealing why UAE banks should pay closer attention
In a region where economic ties transcend national borders, cross-border remittances have long been the financial backbone of both personal and business relationships. Nowhere is this more evident than in the Gulf Cooperation Council (GCC), where billions of dollars move annually across countries, linking families, businesses, and entire economies. Yet despite their essential role, cross-border payments remain burdened by legacy infrastructure, regulatory complexity, and inefficiencies that no longer align with the expectations of today's digital-first consumers.
According to the World Bank, the GCC is one of the most active remittance corridors in the world, and the demand for faster, more transparent, and more flexible payment solutions is only growing. In this evolving landscape, Visa is at the forefront of innovation. Salima Gutieva, Vice President and Country Manager for Visa UAE, offers insight into how solutions like Visa Direct and Visa+ are helping bridge longstanding gaps in the system, turning what was once a slow, opaque process into a seamless, user-centric experience.
Question:
The GCC region is among the most active remittance corridors globally, with billions of dollars transferred annually. Cross-border payments have been described as both a lifeline and a bottleneck. Why does something so essential remain so complex?
Answer:
It's a fair question. Moving money across borders should be as easy as sending a message, but legacy infrastructure, inconsistent regulations, and patchy connectivity make it harder than it needs to be. If you're a family trying to get funds to loved ones, or a business managing supplier payments across countries, delays and high fees are more than an inconvenience. They're a real strain. That's the gap we're trying to close.
Question:
The global payments space is becoming increasingly interconnected. From a user's point of view, how does that growing reach affect the way people send and receive money?
Answer:
It's a great question, and it really comes down to optionality. What people want is to choose how they send and receive funds, be it through a card, a bank account, or a mobile wallet and know it will work smoothly. That's where Visa Direct comes in. It enables that flexibility by connecting to more than 11 billion endpoints globally, whether cards, bank accounts, or digital wallets. It's designed to give people access on their terms, through the channels they already use and trust. So, for someone in the UAE, for instance, who wants to send money to a family member abroad, that could mean choosing the method that works best for both sides, without worrying about whether it'll land or how long it'll take. The goal is simplicity without compromise.
Question:
You've talked about flexibility and ease of use becoming the norm. What's made that shift possible in cross-border payments?
Answer:
That shift is being driven by a combination of evolving user expectations and foundational infrastructure improvements. Speed is just one part of it. Today, people want transparency, knowing when their money will arrive, and confidence that it won't get stuck in a multi-day process. We're enabling near real-time transfers across more than 190 countries and territories, but more importantly, we're making that process feel human. In the UAE, for example, many consumers now expect to send money using only a phone number, thanks to tools like Visa+. That kind of progress matters. It reduces errors, builds trust, and reshapes how we think about cross-border payments.
Question:
You mentioned Visa+ as an example of this evolution. What kind of impact is it having on how people think about sending money?
Answer:
Alias-based transfers are about ease and trust. They're particularly useful in regions like the GCC, where people are often sending money to friends, relatives, or partners within the same network. We started with UAE, Bahrain, and Qatar and we're seeing strong interest across other corridors. Eventually, we want this to be a standard across key remittance flows - send money to a name or phone number, not a string of account digits.
Question:
With evolving expectations and a digitally fluent population, how do you see remittance services adapting in the UAE?
Answer:
Money that moves quickly moves economies. Over half of intra-GCC remittances go toward business activities, from purchasing goods to real estate deals. When those transfers are slow or expensive, business slows too. But when they're fast, reliable, and affordable, they create momentum. They encourage trade, investment, and deeper economic ties across the region. In that sense, seamless payments aren't just a financial issue. They're a strategic advantage.
In the UAE, we're seeing remittance services shift toward greater speed, flexibility, and responsiveness to individual user needs. It's not just about faster transactions. It's about smarter ones. Consumers want the ability to schedule transfers, receive real-time updates, and adjust payments on the go. Mobile-first platforms that offer intuitive interfaces and language preferences are becoming the norm. For UAE consumers - especially younger and digitally fluent users - the expectation is that sending money should feel like any other digital interaction – quick, secure, and controlled by the user. Regulation is also playing a role in enabling these innovations, helping create a space where trust and ease can coexist.
What kind of ripple effects do you think that will have – on people's daily lives or on the broader financial system?
Even small improvements can go a long way. When sending money to a friend or supplier in another country feels as simple as paying for coffee, it changes what people expect from financial services. These moments build resilience, strengthen relationships, and open up new opportunities both for individuals and the broader economy. That's the impact we're aiming for.