Lulu exchange, a Ripple partner based in the UAE, is collaborating with Mastercard to speed up remittances sent through the Luly Money app.
With its MPGS (Mastercard Payment Gateway Services), the US fintech company will provide Lulu’s remittance mechanism, making transactions faster and more secure than before. Arabian Business broke the news to us.
Remittances will be processed by Lulu through a single connection.
According to the article, Mastercard and Lulu have struck a strategic partnership that will allow the latter to use Mastercard payment cards without incurring any additional merchant transaction fees. As a result, Lulu will be the first platform of its kind in the UAE to use Mastercard’s digital payment feature via the Lulu Money smartphone app.
Furthermore, remittances sent through Lulu will be supported by Mastercard’s Cross-Border Services, allowing Lulu to process remittances through a single connection.
Mastercard’s Senior Vice President for Africa and the Middle East believes that partnerships with major fintech companies, such as Lulu, are critical in providing users with a better payment experience and ensuring that everyone has access to the digital economy.
Lulu believes that the Mastercard agreement is significant because it will enable their Lulu Money app to make remittances easier for a wide range of customers.
Lulu and Ripple have teamed up.
The San Francisco-based DLT behemoth and Lulu announced their partnership in mid-May, when Ripple added both Lulu and the National Bank of Egypt to RippleNet. The goal was to improve UAE-to-Egypt real-time payments.
We are proud to announce our partnership with Ripple and the National Bank Of Egypt to enhance real-time payments from UAE to Egypt that are faster and more affordable than ever before. Step into any of our 83 branches in the UAE to know more. #ripple #luluexchange @Ripple pic.twitter.com/xTGGZ18NLt
— LuLu Exchange (@LuLuExchange) May 19, 2021
Prior to that, the MoneyGram remittance giant (now a former Ripple partner) was reported to have signed a partnership agreement with Lulu Financial Holdings as a key player in the region’s remittance industry.
The latter has over 200 locations around the world. The partnership allowed MoneyGram to expand to Oman and the Asia-Pacific region that has been showing a massive $149 billion of remittance outflows.
The deal also included an upgrade to the Lulu Money app, which used MoneyGram’s API.
