Mastercard has entered a strategic partnership with Lulu Exchange to enable UAE consumers to carry out simple, speedy, and secure remittances through the Lulu Money mobile app.
Transactions made using Mastercard debit cards will bear no additional ‘merchant transaction fees’, making Lulu Exchange the first exchange house in the UAE to enable such a facility for digital payments. Through this partnership, Mastercard and Lulu Exchange are set out to deploy digital payment solutions and technologies to enable inclusive and sustainable economic growth through the digital economy.
Powered by Mastercard’s Cross-Border Services, Lulu Exchange can seamlessly process digital payments leveraging its global network through a single connection. Furthermore, these cross-border payments can reach almost anywhere in the world with certainty and predictability, and without backend charges. Mastercard’s remittance platform plays a key role in improving worldwide connectivity, by providing new and enhanced innovation across the global digital ecosystem.
“As a multi-rail company, we are delighted to apply our expertise, technology and innovative solutions to transform the way people connect. Partnerships with major financial service providers like Lulu Exchange are an important way for Mastercard to provide consumers with an enhanced payment experience and ensure that the digital economy works for everyone. This collaboration will serve to simplify the lives of consumers, ensuring their transactions are safe while delivering to them the speed and convenience that digital payments offer,” said Gaurang Shah, Senior Vice President, Head of Products, Middle East and Africa, Mastercard.
“Lulu Exchange remains committed to bridging the gap between our consumers and technology to make the cross-border payments experience hassle-free. Through our partnership with Mastercard, we are making available a familiar payment option on our payment’s app, LuLu Money, that will fit the needs of a wide spectrum of consumers. We are confident that this partnership will be an impetus for our existing and new consumers to transition to digital payments, and more importantly, choose LuLu Money as a viable and secure option,” said Narayan Pradhan, Vice President, GCC and India, Lulu Financial Group.
As markets around the world continue their recovery since the onset of the pandemic, remittances are playing a key role in supporting the economic rebound. According to a recent study from Oxford Business Group, the World Bank upgraded its forecast for remittances for 2021, with a predicted increase of 2.6% for the Middle East and North Africa region.[1] In 2020, the UAE ranked the second largest sources for remittances globally.
Mastercard’s multi-rail strategy allows it to reach every customer, [2]merchant, and government player, seamlessly connecting stakeholders across the digital payments ecosystem and delivering choice to banks, businesses, and consumers. All Lulu Exchange remittance transaction processed through MPGS will be remitted via Transfast (a company acquired by Mastercard).
[1] Oxford Business Group, July 2021
