The American multinational financial services corporation, Mastercard has entered into a strategic partnership with Lulu Exchange, the leading money exchange and money transfer company in the region, to allow UAE consumers to make seamless and secure remittances through the Lulu Money mobile app.
As part of the deal, the transactions made using Mastercard’s debit cards will bear no additional ‘merchant transaction fees’, making Lulu Exchange the first exchange house in the UAE to bring such a facility for digital payments.
Lulu Exchange, powered by Mastercard’s Cross-Border Services, can smoothly process digital payments leveraging its global network through a single connection. In addition, these cross-border payments can reach almost anywhere in the world with certainty and predictability, and without any 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.
Gaurang Shah SVP – Product Management, Digital Payments & Labs Mastercard – MEA Region
“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.”
Mr. Narayan Pradhan, Vice President, GCC and India, Lulu Financial Group, said, “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 app, LuLu Money that will fit the needs of a wide spectrum of consumers.”
The multi-rail strategy of Mastercard enables it to reach every customer, merchant, and government player, seamlessly connecting stakeholders across the digital payments ecosystem and delivering choices to banks, businesses, and consumers. All Lulu Exchange remittance transactions processed through Mastercard Payment Gateway Services (MPGS) will be remitted through Transfast, a company acquired by Mastercard.
