Whish Money, a Lebanese digital financial services provider, has partnered with Mastercard, a global payments technology company, to enable inbound and outbound remittance flows for consumers in Lebanon.
The collaboration aims to strengthen access to remittance services in Lebanon, allowing people to send money abroad to over 50 countries, while Lebanese living overseas can transfer funds home, according to FF News.
Depending on the destination, recipients can receive funds into their bank accounts, mobile wallets or collect them in cash. Lebanese consumers now also have the option of funding their Whish Money wallets using cards in addition to cash. This marks Mastercard’s first collaboration with a mobile wallet in Lebanon to facilitate remittances.
The partnership also integrates Mastercard Move, the firm’s portfolio of money movement solutions, which connects over 200 markets and more than 150 currencies, with reach to 95% of the world’s banked population.
This network is expected to give Whish Money greater scalability, transparency and speed in cross-border money transfers.
According to the World Bank, Lebanon was the third-largest country in the MENA region for remittance inflows in 2022, receiving an estimated $6.4bn, behind only Egypt at $28.3bn and Morocco at $11.2bn. The inflow of funds remains a critical lifeline for households in Lebanon amid ongoing economic challenges.
Whish Money co-founder and CEO Toufic Koussa said, “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.”
Mastercard executive vice president, commercial and new payment flows, EEMEA, Onur Kursun said, “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.”
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