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8/19/24, 1:37 PM UAE-India remittance boom continues | Gn Focus – Gulf News

Future trends

“Supportive agreements and policies between India and the UAE, such as India’s

integration of its UPI with the UAE, contribute to a more efficient remittance process,”
Al Najjar says.

“The Comprehensive Economic Partnership Agreement in 2022 has expanded economic
ties between India and the UAE, leading to a notable increase in trade. The streamlined

system has enhanced financial inclusion in India, broadening access to financial

services. Moreover, this agreement has fortified economic ties between India and the

UAE, enriching the remittance sector through strengthened financial connections,”
explains Al Najjar.

Thanks to stronger financial connections, faster transactions can be achieved through

digitisation and exchange houses are adapting in readiness.

Digitisation accelerates growth

“There is little doubt that the long-term future of the cross-border payments sector in

the UAE is digital,” says LuLu’s Sudarsanan.

“Digital innovation is how we are going to meet the United Nation’s Sustainable

Development Goal of reducing remittance costs worldwide to below 5 per cent while

continuing to provide the most efficient and secure cross-border payment solutions to
customers. This is a future that we are already building with the LuLu Money app.”

Whilst digitisation is revolutionising the ease and speed of transfers, enhancements
featuring Artificial Intelligence (AI) are set to transform the industry further.

Malaz Mubaid, Acting CEO & Chief Operating Officer, Wall Street Exchange, says,

“Artificial Intelligence is set to revolutionise transactions with innovations such as

voice-enabled payments and virtual cards, significantly enhancing security and safety.
When combined with instant payment platforms like Aani by the Central Bank of the

UAE and India’s UPI, these technologies will make cashless transactions more seamless

and secure. This presents an opportunity for us at Wall Street Exchange to leverage

fintech solutions to streamline remittances, offering our customers a more efficient and
secure way to manage their financial transactions.”

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