In a significant leap forward for Lebanon’s fintech and remittance landscape, Whish Money has joined forces with Mastercard to transform how funds flow in and out of the country. This strategic alliance, anchored by Mastercard Move, delivers an innovative, secure, and near real-time money transfer experience for millions.
Seamless Inbound and Outbound Payments
Through this new collaboration, Whish Money now enables users in Lebanon to send money to over 50 countries, while Lebanese abroad can instantly send remittances back home. Leveraging Mastercard Move’s expansive network, transfers are fast, transparent, and secure.
Flexible Funding and Payout Options
This partnership introduces two major enhancements:
- Card funding: Lebanese users can now top up their Whish Money wallets using bank cards, in addition to cash, marking the first such mobile-wallet integration in Lebanon for remittances.
- Multiple delivery channels: Recipients can receive remittances directly into bank accounts, mobile wallets, or as cash pickups, offering tailored and convenient solutions across different markets.
Driving Economic Resilience
Remittances are a lifeline in Lebanon’s ongoing economic turmoil. In 2022, inflows reached approximately US $6.4 billion, making Lebanon the third-largest remittance recipient in the MENA region after Egypt and Morocco. This partnership is expected to strengthen the financial resilience of Lebanese households by providing faster, more affordable access to foreign currency inflows(especially vital for families), students abroad, and workers supporting relatives back home.
Voices from the Partnership
Toufic Koussa, Co-founder and CEO of Whish Money, emphasised the importance of the service in today’s context:
“International money transfers are a vital lifeline for many families in Lebanon. Thanks to Mastercard Move, we can now provide fast, efficient, and secure remittances to Lebanese people.”
Onur Kursun, Executive Vice President for Commercial and New Payment Flows, EEMEA at Mastercard, added:
“Our collaboration will give Whish Money the reach, transparency and speed needed to scale its cross-border business … introduce market firsts for inbound and outbound money transfers in Lebanon.”
Mastercard Move: A Global Money-Movement Engine
Mastercard Move underpins this collaboration with robust technology. Its platform spans 200 markets, supports over 150 currencies, and links to more than 95% of the world’s banked population. This global infrastructure ensures that transfers are not only fast but also trackable, transparent, and secure.
Final Thoughts
The Whish Money–Mastercard partnership arrives at a critical time. As Lebanon grapples with economic instability and currency challenges, dependable and efficient remittance channels are essential. By building on Mastercard’s global digital infrastructure and Whish Money’s regional fintech presence, this initiative not only breaks transactional barriers but also delivers much-needed financial relief to countless Lebanese families.
