LuLu International Exchange, one of the leading payment service providers in the UAE, has entered a strategic collaboration with Network International, a 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 company said.

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, it said.

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, the company said. – TradeArabia News Service