LuLu Financial Holdings (LFH)- an Abu Dhabi based holding company investing in financial services worldwide, 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 all the requisite compliance checks in a safe, secure, and convenient 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 to India built on the strength of the UPI platform. The association with NIPL builds upon our vision to innovate value and inspire experiences through the application of technology and collaborative partnerships, and as a global financial services provider we foresee the multiple opportunities this partnership can bring to advance the payments ecosystem and improve the experience of the Indian diaspora transacting on our digital platform, LuLu Money.”