Money and Mastercard collaborate to enhance remittance inflows into Lebanon
In a groundbreaking move, Mastercard has announced its first collaboration with a mobile wallet in Lebanon to facilitate remittances. This partnership aims to provide faster, safer, and near real-time money transfers for millions of Lebanese worldwide, particularly in the challenging economic situation where international money transfer services provide a vital inflow of foreign currency into Lebanon.
Under the collaboration, Lebanese senders now have the option of using their cards to fund their Whish Money wallet, in addition to using cash. This expansion of payment methods is expected to address consumer demand for sending and receiving funds internationally.
Whish Money users in Lebanon will be able to send money cost-effectively through the Whish Money mobile application to over 50 countries. Depending on the receive market, senders can choose how beneficiaries receive the funds, whether into their bank accounts, mobile wallets, or by cash.
The collaboration leverages Mastercard Move's money movement solutions and its global network of operators. Mastercard Move, Mastercard's portfolio of money movement solutions, enables people and organisations to move money quickly and safely, both domestically and internationally. Its reach spans 200 markets and over 150 currencies, with access to more than 95% of the world's banked population.
Toufic Koussa, Co-founder and CEO of Whish Money, stated that the collaboration will provide Whish Money with the reach, transparency, and speed needed to scale its cross-border business. He also mentioned that the collaboration will enable Whish Money to expand its payment network and introduce market firsts for inbound and outbound money transfers in Lebanon.
According to estimates by the World Bank, Lebanon was the third country in the MENA region in terms of the absolute size of remittance inflows in 2022, with an estimate of US$6.4 billion. The new collaboration is expected to significantly contribute to these figures.
While the institution that has partnered with Whish Money to provide this faster, safer, and nearly instantaneous money transfer solution for millions of Lebanese worldwide is not explicitly named in the provided search results, it is clear that this partnership marks a significant step forward in the remittance industry in Lebanon.
Mastercard Move is being used to offer fast, efficient, and secure remittances to Lebanese people. This collaboration is Mastercard's first collaboration with a mobile wallet in Lebanon to facilitate remittances, and it is expected to have a profound impact on the lives of many Lebanese people both at home and abroad.
