Mastercard and Whish Money have partnered to facilitate both inbound and outbound remittance flows for customers in Lebanon.
According to Thursday’s announcement, Lebanese living abroad and those in Lebanon can send money home and abroad to more than 50 countries.
With the help of the new partnership, millions of Lebanese worldwide will be able to send and receive money transfers through Whish Money more quickly, safely, and almost instantly, thanks to Mastercard Move’s money movement solutions and its extensive global network of operators.
Benefits for Lebanon users
The partnership will enable Whish Money users in Lebanon to begin sending money in near real-time and at a reasonable cost to more than 50 countries via the Whish Money mobile application.
Depending on the recipient market, senders can deliver the funds to recipients in cash, mobile wallets, or bank accounts.
Along with cash, Lebanese senders can now fund their Wish Money wallet using their cards. Mastercard is working with a mobile wallet in Lebanon for the first time to make remittances easier.
“Many people in Lebanon rely on remittances from their family members abroad to meet their basic needs. In this challenging economic situation, international money transfer services provide a vital inflow of foreign currency into Lebanon. Thanks to Mastercard Move, we can now offer fast, efficient and secure remittances to Lebanese people,” said Toufic Koussa, Co-founder and CEO, Whish Money.
“Our collaboration will give Whish Money the reach, transparency and speed needed to scale its cross-border business and address consumer demand for sending and receiving funds internationally. Meanwhile, it will enable us to expand our payment network and introduce market firsts for inbound and outbound money transfers in Lebanon. We look forward to working together to improve the lives of Lebanese people and address their everyday needs,” said Onur Kursun, Executive Vice President, Commercial and New Payment Flows, EEMEA, Mastercard.
Remittances flow in the MENA region
According to World Bank estimates, in 2022, Lebanon received an estimated US$6.4 billion in remittance inflows, ranking third in the MENA region after Egypt (US$28.3 billion) and Morocco (US$11.2 billion).
With Mastercard Move, one of the company’s money movement solutions, individuals and organisations can transfer money swiftly and securely domestically and abroad.
The portfolio covers 200 markets and more than 150 currencies and makes more than 95 per cent of the world’s banked population accessible.
About Mastercard
Mastercard empowers people and drives economies in more than 200 nations and territories across the globe. It is working with its customers to create a sustainable economy that will benefit all.
Its extensive support for digital payment options makes transactions safe, easy, intelligent, and available.
Its networks, partnerships, and innovation and technology provide a distinctive range of goods and services that enable individuals, organisations, and governments to reach their full potential.
About Mastercard Move
Mastercard Move is a collection of money transfer services that power a range of payment experiences, including business, personal, and disbursement payments.
It provides access to an estimated 4.8 billion people, or over 95 per cent of the world’s banked population, and reaches almost 10 billion endpoints.
It provides solutions for various money transfer situations, including disbursements and payments.
About Whish Money
Whish Money is a prominent fintech business licensed and governed by the Central Bank of Lebanon. It is a member of the Talaco Group, which was founded in 2004. With its main office in Lebanon and offices in the United States, Canada, and the United Arab Emirates, Whish Money provides services to more than 1 million users in more than 110 countries.
With the help of 3,000 points of sale in the United Arab Emirates and a vast regional network comprising more than 1,200 agents in Lebanon, the company keeps expanding its influence and reach.
Whish Money offers a wide range of digital financial services for individual and business customers, such as secure remittances, flexible payment options, and extensive merchant tools.