LuLu Financial Holdings (LFH), Abu Dhabi-based holding company investing in financial services, has partnered with NPCI International Payments Limited (NIPL), to offer real-time remittances to India.
The partnership with NIPL, a subsidiary of the National Payments Corporation of India (NPCI), will allow LFH to connect to United Payments Interface (UPI), India’s real-time payments system, through its affiliates and offer remittances to beneficiaries who use UPI-powered apps.
The partnership will also assist with real-time validation of beneficiary names and compliance checks through a secure procedure, the company said in its statement.
“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.”
Remittances are an important source of household income and foreign exchange inflows in India, with the country accounting for 33.6 percent of all outward personal remittances from the UAE, the Central Bank of the UAE’s 2020 annual report states.
Mr. Ritesh Shukla, Chief Executive Officer, NIPL said, “India is the largest recipient of cross-border remittances, receiving around $80 billion per annum. This partnership with LFH is aimed at enabling a seamless and convenient cross-border remittances experience through the UPI platform’s real-time capabilities. At NIPL, it’s our constant endeavor to add value to the lives of consumers in the area of digital payments and we believe this partnership is a step forward in that direction.”