Europe-based Luup extends advanced mobile payment services to GCC banks

Launched in 2002 in Norway, Luup is now partnering with banks and financial institutions around the world to create a mobile payment network enabling customers to make a wide range of payments from their bank account using their mobile phone. It currently has operations in Norway, Germany, the UK and China, and will soon enter the UAE and South Asian markets.

"The mobile phone is the world's most universal communications device, so it is the ideal platform for creating a worldwide payment network,"

says Luup CEO, Thomas Bostrom Jorgensen, whose mission is to bring "Global payments to everyone's fingertips."

With an incredible 3.3 billion mobile phones in use worldwide, it is crucial for financial institutions to take advantage of the expanding m-payments opportunities. The greatest potential is in the $456bn global remittance business, especially in GCC markets which have large expatriate populations, Jorgensen believes.
M-payments will provide over 3 billion 'un-banked' people in the developing world with access to banking services, so regulatory guidelines are being formulated in several countries to ensure water-tight risk mitigation measures.

"For Luup, security is the foremost priority; and we have developed robust checks and procedures to help banks safeguard against fraud. We are committed to providing a convenient, secure and simple transaction process to bank customers everywhere," says Jorgensen.

Recent technical developments in remote, and proximity payments enabled through Near Field Communication (NFC), allow banks to capitalize on several lucrative revenue sources.

Since Luup has an open and independent payment network -- not bound to a specific financial institution or mobile network operator - banks can offer wide-ranging m-payments services to any customer, regardless of which model phone they have, or network operator they subscribe to.

On a recent visit to the UAE, Tariq Ahmed at Luup said, "Now is the time for banks in this region to take the initiative and gain their share of the billion dollar mobile payments industry."

In various parts of Europe and USA, there are mobile payment pilots in the market; so mobile payments are becoming increasingly popular for making payments in restaurants, retail shops, bars, sports events, and public transportation terminals. With Luup's arrival, the UAE is expected to join the league in the near future.