The saying “teamwork makes the dream work” has never been more true than in financial services. Especially when it comes to banks teaming up with a fintech to transform financial services for the better.
Let’s take a look at Purpl and Banque Libano-Française’s (BLF) partnership.
Purpl’s core operating model is based on creating a unique ecosystem of partnerships between international digital remittance players, legacy banking, cash-out networks, fintech players, and retailers. Partnering with best-in-class players is critical to achieving Purpl’s goal of becoming the leading remittance and cash-out aggregator in Lebanon and expanding its services to provide its users with digital wallet features. For this reason, Purpl chose BLF as its partner bank to be working side-by-side toward a common vision; to deliver solutions that fulfill the need of consumers who are currently unserved with traditional financial institutions’ offerings.
While looking at a potential partner bank in the Lebanese market, Purpl focused on finding a bank that shares its business goals; puts its customers first, and understands its mission; empowering the diaspora connection to their home country by democratizing cross-border money transfer flows as well as enabling financial access to all. Furthermore, looking at the market today, BLF has always been committed to its social responsibility towards the community and has a strong local and international presence. On top of that, BLF strongly believed in Purpl’s mission since the very beginning when Purpl was still an “idea” or more precisely “an entrepreneurial dream”, and was committed to contributing to answering the deepening economic and financial crisis that Lebanon has been facing since August 2019.
Through this partnership, Purpl and BLF will be able to bring added value to the Lebanese remittance market, and most importantly, be a game-changer in the remittances and financial services offering. After seven months of hard work and perseverance, Purpl and BLF are finally able to provide the first cardless ATM withdrawal in Lebanon.
So, what exactly is a cardless ATM withdrawal?
Cardless ATM withdrawal is a safe and simple method that allows the beneficiary of funds to withdraw cash without the need for a physical card or a bank account. Purpl users are able to withdraw funds from any of BLF’s ATMs using only their mobile phones. Once a transaction is initiated, the beneficiary of funds will receive an OTP on Purpl, which will be used to withdraw funds from the ATM of his/her choice.
With cardless withdrawals at ATMs, Purpl achieves 3 objectives:
- Financial inclusion; the beneficiary of funds does not need a bank account in order to receive funds and cash them out.
- Convenience for its customers; eliminating the need to carry a debit or credit card by simplifying the cash-out process as much as possible. All the customer needs is a smartphone.
- A cost-effective method; by reducing the need for an ATM card along with its recurrent fees.
Purpl and BLF’s partnership now allows any beneficiary of funds whether banked or unbanked to receive their remittances instantly through cardless ATM withdrawals. Over 100 BLF ATMs located throughout the country provide convenient access to this innovative service.
As simple as 1,2,3!
Writen by: Rim Ghandour