October 1, 2021
2 mins read

Mastercard partners with Lulu Exchange

Lulu Exchange will be the first exchange house in the UAE to enable debit cards on its payments app LuLu Money…reports Asian Lite News

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.

UAE flag

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.

ALSO READ: Start Something Priceless with Mastercard at Expo 2020 Dubai

“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.

NARAYAN PRADHAN, VICE PRESIDENT, GCC AND INDIA, LULU FINANCIAL GROUP: “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.”

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.  In 2020, the UAE ranked the second largest sources for remittances globally.

Mastercard’s multi-rail strategy allows it to reach every customer,  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).

Previous Story

Lal Ded: Rare diamond of Kashmir’s civilisational ethos

Next Story

Guterres warns world leaders on climate change

Latest from Arab News

Iran thanks Indians for support

Embassy in New Delhi thanked citizens, political parties, and activists as Iran reels from Israeli-US strikes on nuclear sites The Iranian Embassy in India has publicly thanked Indian citizens and institutions for

Trump Lashes Out Over Fragile Truce

Trump mentioned that both countries “violated” the ceasefire that was announced late Monday….reports Asian Lite News US President Donald Trump on Tuesday issued a stern warning to both Israel and Iran, accusing

No Ceasefire Deal, Says Tehran

Iran’s Foreign Minister Abbas Araghchi says no “agreement” on ceasefire between Israel and Iran…reports Asian Lite News Uncertainty and scepticism mounted on Monday after a surprise ceasefire announcement by the United States,

War on Children Worsens, Says UN

The new high surpassed 2023, another record year, which itself represented a 21 per cent increase over the preceding year….reports Asian Lite News Violence against children in conflict zones soared to record

Trump to Weigh Iran Action Soon

Trump approved attack plans on Iran on Tuesday night, but held off making a final decision…reports Asian Lite News US President Donald Trump will make a decision on whether he will order
Go toTop

Don't Miss

Dubai launches new Timeshare Portal

The new portal, which facilitates a seamless experience for customers,

Fifteen Indian states and union territories to part of Expo 2020

The fifteen states will exhibit their culture, food, and business