Whish Money And Mastercard Launch Seamless Cross-Border Payments In Lebanon

Whish Money, in partnership with Mastercard, has introduced a revolutionary service that facilitates quick and secure money transfers for the Lebanese population, both within Lebanon and globally. This initiative is particularly significant for the Lebanese diaspora, enabling them to send money back home effortlessly. Moreover, residents in Lebanon now have the ability to send funds to over 50 countries worldwide, leveraging Mastercard's robust money movement solutions and extensive network.

This partnership marks Mastercard's first venture with a mobile wallet in Lebanon aimed at remittances. It offers Lebanese users a convenient and cost-effective option to transfer money internationally through the Whish Money mobile app.

These transfers can be executed almost instantly to various destinations, with multiple options for the receiver including bank deposits, mobile wallets, or cash pickups. Importantly, Lebanese users now have the flexibility to fund their Whish Money wallets using their cards, in addition to traditional cash payments.

Toufic Koussa, co-founder and CEO of Whish Money, highlighted the critical role of remittances in Lebanon's economy, especially given the country's current financial challenges. "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," Koussa stated.

Mastercard's Executive Vice President for Commercial and New Payment Flows in EEMEA, Onur Kursun, stated, "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," Kursun remarked.

The significance of remittance flows to Lebanon cannot be understated, with the World Bank estimating the country received about US$6.4 billion in 2022, making it the third-largest recipient in the MENA region. This places Lebanon behind only Egypt and Morocco in terms of remittance inflows, underscoring the critical economic role these funds play.