Lulu Financial Holdings enable instant money transfers to India
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Lulu Financial Holdings enables instant money transfers to India

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

Money Transfer

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.”

Read: Power Letters 2021: Adeeb Ahamed, managing director, LuLu Financial Group

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.”

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