• This partnership will enable LuLu Financial Holdings’ affiliates to connect with NIPL and facilitate Real-Time cross-border remittance to Beneficiary Banks in India using UPI IDs
Mumbai, india and Abu Dhabi, United Arab Emirates-Wednesday 18 August 2021 [ AETOS Wire ]
LuLu Financial Holdings (LFH)- an Abu Dhabi-based holding company investing in financial services, has inked an agreement with NPCI International Payments Limited (NIPL)- a wholly-owned subsidiary of National Payments Corporation of India (NPCI), to offer real-time remittances to India. The partnership will enable LuLu Financial Holdings through its affiliates to connect to UPI infrastructure and facilitate remittance to beneficiaries in India who are onboarded on UPI-powered apps.
The solution will assist with real-time beneficiary name validation and facilitate requisite compliance checks in a secure manner.
Ritesh Shukla, Chief Executive Officer, NIPL said, “India is the largest recipient of cross-border remittances, receiving around US$ 80 Billion per annum. This partnership with LuLu Financial Holdings (LFH) is aimed at enabling seamless and convenient cross-border remittances experience through UPI platform’s real-time capabilities. At NIPL, It’s our constant endeavour to add value to lives of consumers in the area of digital payments and we believe this partnership is a step forward in that direction.”
Adeeb Ahamed, Managing Director, LuLu Financial Holdings, said, “We are excited to partner with NIPL towards creating robust cross-border remittance solutions built on the strength of the UPI platform. The association builds upon our vision to innovate value and inspire experiences through collaborative partnerships. As a global financial services provider we foresee the multiple opportunities this partnership can bring to improve the experience of the Indian diaspora on our digital platform, LuLu Money.”
About LFH:
LuLu Financial Holdings (LFH) has strategic investments in the financial services sector in 11 countries in the Middle East, APAC and Indian sub-continent, operating a network of over 235 branches along with several digital assets in the fields of cross-border payments, banknotes and currency exchange.
About NIPL:
NPCI International Payments Limited (NIPL) was incorporated on April 3, 2020, as a wholly-owned subsidiary of National Payments Corporation of India (NPCI). As the international arm of NPCI, NIPL is devoted to the deployment of NPCI’s Real-Time Payment System – Unified Payments Interface (UPI) and Domestic Card Scheme – RuPay, outside of India.
Contacts
NPIL
Shruti Singh: +91-9654497747
shruti.singh@npci.org.in
LFH
Ajit Johnson: +971506623786
ajit.johnson@lulufin.com
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