• Home

LuLu Exchange: Making money transfer easy and secure

LuLu Money has witnessed a massive surge in users in recent months and 20 per cent of its users in UAE are aged between 18 and 24

After a silent two months, the remittances industry it would seem, has finally started on its road to recovery. One of the major factors facilitating this return to form is the acceptance of digital solutions by the people of UAE.
LuLu Exchange, a leading remittances and payments player in the UAE, has been playing an instrumental role in this resurgence. Having invested in the future much in advance, LuLu Money, the company's utilitarian and easy-to-use mobile app has helped thousands of expats across age-groups and demographics, to remit money easily during this tough period.

"In a renewed normal, the world will see a new wave of digitally adept consumers who are more than willing to accept the benefits of a low-touch economy. With LuLu Money, our foresight has borne fruit and we are pleased that our digital solution is playing a crucial role in the recovery of the global remittance economy," said Adeeb Ahamed, Managing Director, LuLu Financial Group.

The app has grown at a rapid pace in recent weeks, with nearly 25 per cent of its total existing users being onboarded in 2020 alone. The Gen Z, which falls under the 23-year-old age group, is one of LuLu Money's fastest growing segments. This particular consumer demographic alone has recorded a 150 per cent year-on-year growth so far in 2020 and comprises 15 per cent of the company's online users in the UAE.
Prepping for post-Covid world
Keeping in mind the restrictions on outdoor movement and general apprehension among the public to visit branches at peak hours, LuLu Money allows customers to block real-time rates for up to four hours and then make the payment at the branch within this stipulated timeframe. This feature is expected to be a big support in the post-Covid era of social distancing.

Users can perform secure and instant money transfers anywhere, anytime, and nearly 90 per cent of the transactions on the platform are processed in under 15 seconds. Other than remitting money, the app allows customers to avail exciting offers, view the best exchange rates in real-time and track payment history.

Recently, LuLu Money also rolled out an exclusive e-wallet feature for the Filipino community. This feature will allow Filipinos residing in the UAE to pay for services back home.
Ahamed believes that as a customer-centric company, LuLu Money has been constantly adding services, in line with its vision to enable a seamless customer experience.

"During this period of outdoor restrictions, we have been encouraging not just our new-age customers, but also those who prefer remitting money through physical branches to give our mobile solution a try and discover its many benefits," he added.

As a part of its superior customer service, the company has setup a dedicated helpline desk on the app, as well as on social media, to help customers know that their transactions are safe and secure. This will make sure that customers don't have to worry about their hard-earned money reaching its intended destination: Home.
BOX
Boasting of a simple and clean user interface, LuLu Money is powered by a proprietary software and robust remittance engine. Some of the superior in-built features of LuLu Money that have played a huge role in making the product a consumer favourite include:
. The entire digital platform is built on Azure native solutions, thus allowing rapid scale-up of operations to handle the surge in digital usage.
. A dedicated back-end team spread across Middle East, India, and APAC has been set up to handle security concerns, customer queries and global transactions.
. Payment using salary cards has been activated in the UAE. This is a boon for thousands of blue-collar employees who have signed up for the company's payroll processing
service. Wire transfer has also been enabled as a payment option.
. The app has simplified the process to add new beneficiaries. It has also enabled end-to-end automated WPS processing to onboard a large number of corporates to the program without human interaction.
. The app has onboarded new payment partners and aggregators to its network, thus expanding its reach to more regions.
. Auto rate processing facility has been activated to display best rates on the app.
. An e-wallet feature has been rolled out exclusively for Filipino expats.
. Lower processing fees are in place to help users save more per transfer.
Benefits for expats in the UAE
As part of its ongoing digital enhancement drive, the app recently rolled out a slew of features across the world, many of which will benefit expats residing in the UAE. LuLu Money has been recording a 40 per cent month-on-month growth in recent weeks, adding substantially to its user base of 600,000.