- Mastercard has announced that it will work alongside foreign exchange and payments services provider Lulu Exchange in the United Arab Emirates.
- The new arrangement will mean that Mastercard debit card holders will not have to pay added merchant transaction charges.
- “As a multi-rail company, we are delighted to apply our expertise, technology and innovative solutions to transform the way people connect,” said a senior figure at Mastercard.
Mastercard, a leading financial services company, has signed up to collaborate with a foreign exchange and cross-border payments provider.
The firm said that it had partnered with Lulu Exchange as part of a new stream of work in the United Arab Emirates (UAE).
The decision will mean that UAE customers will be able to execute and receive remittances using the Lulu Money mobile phone application.
There will also be no added merchant transaction charges for users sending money via a Mastercard-issued debit card.
This is the first time that an exchange institution in the UAE has been able to do this.
The two organisations intend to use digital payments solutions to improve economic growth in all sectors of the UAE economy.
In a statement, the senior vice president and head of products for the Middle East and Africa at Mastercard said that the ultimate aim was to change how people connect to one another.
“As a multi-rail company, we are delighted to apply our expertise, technology and innovative solutions to transform the way people connect,” Gaurang Shah explained.
He also emphasised the importance of working in partnership.
“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,” he explained.
The vice president for GCC and India at Lulu Financial Group said that the firm was promising to help bring customers and tech together.
Narayan Pradhan explained that the Mastercard partnership would serve to meet the needs of its customers.
“Lulu Exchange remains committed to bridging the gap between our consumers and technology to make the cross-border payments experience hassle-free,” he said.
“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.”
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