How Whish Money and Mastercard Are Changing Remittances in Lebanon with Faster Digital Transfers

Whish Money partners with Mastercard to enable fast, secure remittances in Lebanon. Send money globally, manage digital wallets, and access cost-effective cross-border transfers.

I am Aadi, an MBA with experience in marketing and finance. I follow fintech trends closely, especially how digital wallets and global payment networks are reshaping remittances in emerging markets. This article looks at the Whish Money and Mastercard partnership from a financial opportunity perspective and why investors and entrepreneurs should pay attention.

Summary:

Lebanon has one of the highest remittance inflows in the MENA region. With $6.4 billion received in 2022, digital solutions are crucial. Whish Money’s partnership with Mastercard is opening faster, safer, and more cost-effective ways for Lebanese users to move money across borders.

1. Lebanese users can now fund their Whish Money wallets using Mastercard cards for the first time.
2. Transfers can go to over 50 countries in near real-time with multiple delivery options for recipients.
3. Mastercard Move connects 200 markets and supports over 150 currencies globally.
4. The partnership addresses Lebanon’s high demand for international money transfers in a fragile economy.
5. Whish Money has a user base of over 1 million globally and an extensive agent network in Lebanon and the UAE.

Imagine needing money for groceries or bills while living in Beirut and relying on relatives abroad. Until recently, the process could be slow, expensive, and unreliable. Now, Whish Money and Mastercard have teamed up to make that process faster and more transparent. Users in Lebanon can fund their Whish Money wallet using Mastercard cards and send money internationally almost instantly. This is Mastercard’s first collaboration with a Lebanese mobile wallet focused on remittances [Ainvest].

Senders have choices depending on where the recipient is. Funds can go to a bank account, another mobile wallet, or be picked up as cash. That flexibility is vital in a country where banking infrastructure can be unpredictable. Transactions occur in near real-time and the costs are reasonable compared to traditional methods [Techpression].

Mastercard Move supports transfers across 200 markets and over 150 currencies. It connects more than 95 percent of the world’s banked population, meaning Lebanese expats in Europe, North America, and the Gulf can send money home without extra hassle [Yahoo Finance].

Toufic Koussa, CEO of Whish Money, emphasized that many Lebanese households depend on remittances for daily needs. In times of economic uncertainty, these inflows are not just convenience, they are lifelines [LinkedIn].

Onur Kursun, Executive Vice President for Commercial and New Payment Flows at Mastercard EEMEA, highlighted that this partnership expands Whish Money’s cross-border reach and introduces market-first features for inbound and outbound transfers in Lebanon [Mastercard].

Lebanon’s remittance market is significant, ranking third in the MENA region. With 6.4 billion in inflows in 2022, fintechs that streamline international money transfers are solving real financial pain points. Whish Money already serves over 1 million users globally and has a strong agent network in Lebanon and the UAE. Combining this reach with Mastercard’s global payment infrastructure positions them to capture a larger share of the remittance market while introducing efficiencies that traditional money transfer services cannot match [TerraPay].

For investors, this collaboration signals that remittance fintechs in emerging markets can scale rapidly when partnered with global payment networks. Entrepreneurs should notice how technology can reduce operational friction while offering end users multiple ways to access money safely. It also shows that regulatory compliance and secure payments are no longer optional in cross-border fintech solutions.

5 to Do and Don'ts for Entrepreneurs and Investors:

1. Partner with established financial networks to scale services quickly.
2. Invest in technology that enhances user experience and operational efficiency.
3. Tailor solutions to local economic and banking realities.
4. Don't underestimate the role of user education in adopting new digital wallets.
5. Don't delay innovation while competitors move faster.