Lulu Financial Holdings enables instant money transfers to India
The collaboration with NIPL allows the Lulu affiliates to connect with India’s real-time payments system
Lulu Financial Holdings (LFH) and NPCI International Payments Limited (NIPL) have signed an agreement to provide real-time remittances to India. LFH, through its affiliates, will be able to connect to the UPI infrastructure and facilitate remittance to beneficiaries in India who have signed up for UPI-powered apps.
NIPL is a subsidiary of the National Payments Corporation of India (NPCI).
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 $80bn per annum. This partnership with Lulu Financial Holdings is aimed at enabling seamless and convenient cross-border remittances experience through UPI platform’s real-time capabilities.”
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Adeeb Ahamed, managing director, Lulu Financial Holdings, said, “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.”
