PHOTO
Dubai, UAE: LuLu International Exchange – one of the leading payment service providers in the UAE, has entered a strategic collaboration with Network International – the leading enabler of digital commerce across the Middle East and Africa (MEA), and global payments technology leader, Visa, to enable users to remit digitally on the LuLu Money payments app using Visa debit cards.
Through this partnership, Lulu Exchange aims to drive convenience and ease of money transfer for millions of people in the UAE holding a Visa debit card. The transactions conducted through the LuLu Money app will carry no additional charge or hidden fee and will offer industry-leading processing time at the highest level of service quality.
Talking about the partnership, Mr. Richard Wason, CEO, LuLu Financial Group, said, “The payments ecosystem in the UAE is advancing rapidly, and in this context, creating easier touchpoints for users to conduct their transactions online will go a long way in building trust. As an active participant of the UAE’s payments ecosystem, we see our partnership with Visa and Network International as a meaningful collaboration that can drive greater financial inclusion.”
Shahebaz Khan, Visa’s General Manager for UAE, Bahrain, and Oman, said: “We are delighted to partner with Lulu International Exchange to help meet UAE consumers’ increasing expectations for a more seamless and secure way to move funds. With Visa’s Account Funding Transaction service, Lulu Exchange customers holding a Visa debit card can use their debit cards to fund their remittance transactions from their phone in near real time and with the peace of mind of knowing that it’s also secure.”
Andrew Key, Group Managing Director – Acquiring, Network International, added, “As consumers increasingly turn to contactless channels for their payment needs, we are pleased to collaborate with Lulu International Exchange, as its exclusive partner, and Visa to bring digital innovation in the remittances space. LuLu Exchange’s customers who are Visa debit cardholders can now transfer funds quickly and securely via their mobile apps. We look forward to supporting regional exchange houses looking to digitalize their remittances offering while keeping costs low.”
The new service is presently limited to Visa debit cards issued by select UAE banks, with wider coverage expected to be rolled out by the first half of the year.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating more than 215 billion payments transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories each year. Learn more at About Visa, Visa MENA Blog and @VisaMiddleEast.
About LuLu International Exchange
LuLu International Exchange is part of the LuLu Financial Group, a global financial services provider headquartered in Abu Dhabi and operating 241 branches in 11 countries across markets in the GCC, APAC and Indian sub-continent. The company has investments in varied digital and non-digital financial services & products in the markets it operates. www.luluexchange.com
About Network International
Network International comprises a group of companies and is the leading enabler of digital commerce across the Middle East and Africa (MEA) region, providing a full suite of technology-enabled payments solutions to merchants and financial institutions of all types and sizes, including acquiring and processing services and a comprehensive ever-evolving range of value-added services.
Network International Holdings Plc (LSE: NETW) is the holding company for Network International and the group companies, including the DPO Group.
Media Contact:
For Lulu Exchange:
Ajit Johnson
ajit.johnson@lulufin.com
For Visa:
asda’a bcw, Dubai, UAE
Dhanya Issac | Danaisha Gulabani
E-mail: Dhanya.Issac@bcw-global.com, Danaisha.Gulabani@bcw-global.com
© Press Release 2022
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
