A reliable, affordable payment bridge

Expats from India account for 27.5 per cent of the total expat population in the UAE.



Published: Tue 26 Jan 2021, 11:13 AM

Cross-border payments today are no longer about just getting money transferred from one point to another. Convenience, secu­rity, trust and affordability drive people's sentiments in transacting with any estab­lished or new company.

Digital payment solutions, buoyed by umpteen techno­logical advancements, have made it possible for the mod­ern payments industry to prioritize consumer needs to­wards achieving near real-time transactions at the lowest possible costs.

The UAE is one of the world's leading nations in Inte­grated Communications Technologies, constantly shoring up its telecom infrastructure to enable greater internet penetration that can bridge the gap between physical and digital solutions.

The nation's quest to become a digital cashless economy, driven largely by new and varying forms of fintech solu­tions, takes into consideration the socio-economic chal­lenges facing the smooth transition of both skilled and unskilled workers to the digital medium.

As a responsible financial services provider, we, at LuLu Exchange, understand our place in this evolutionary phase.

INNOVATING VALUE, INSPIRING EXPERIENCES

Expats from India account for 27.5 per cent of the total expat population in the UAE, and form a significant portion of our customer base.

This demographic is a major contributor to India's robust economy, and despite the uncertainties of 2020, was the number one remitter from UAE to India. In fact, over 35 per cent of total remittances from UAE in the second quar­ter of 2020, went to the Indian corridor.

Although the UAE has one of the lowest transaction fees in the world (3.45 per cent to send $200 versus the global average of seven per cent), a big segment of the Indian diaspora who are engaged as blue-collar workers here, are yet to fully embrace digital solutions and take advantage of the savings offered by the medium.

By placing innovation and consumer experience at the heart of our services, we have aligned our operational ca­pabilities with the UAE's payments infrastructure, with the single-minded goal to ensure people in this part of the world can take advantage of modern payment solutions to send money home faster, at lower transaction costs.

Through LuLu Money and our MyPayMyCard payroll processing service, we have leveraged the strength of UAE's ecosystem built on proactive regulations, collaborative partnerships and modern technology to stay focused on our vision of financial inclusion.

Recently, we enhanced our network to the sub-continent, to enable near real-time payments to the Indian corridor, and serve the remittance needs of our Indian consumers in a far superior manner.

Through this bouquet of financial services, we continu­ally seek to make formal financial channels easily acces­sible for millions of alternatively banked Indians in the UAE, who are in search of low-cost solutions to transfer money home.

On the occasion of the 72nd Republic Day of India, we, at LuLu Exchange, convey our warmest wishes to Indians across the world and reiterate our commitment to the cross-border payment needs of the Indian diaspora.


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