Luup drives the future of mobile payment solutions in the Middle East

Head of Business Development for Luup MENA, Morten Hofstad will be speaking about the future growth of the Middle East's mobile payment solutions industry and the drivers behind the growing demand for this service.

In parallel with the discussions, Luup will be demonstrating their extensive portfolio of leading mobile payment solutions at the forum. Luup have been collaborating with leading banks and financial institutions around the world since 2002 to offer mobile payment services to consumers and merchants.

Luup's Mobile Payment Solutions let customers send money to friends and family or make payments to merchants, instantly - the only requirements being a mobile phone and a customer of one of Luup's partners.

Luup is already working with one of the leading banks in the UAE, and in November 2008 they launched a unique service offering of its kind for the region. The Luup mobile payment service now on offer to the bank's customers, enables them to conduct balance enquires on their current account, make bill payments & charity donations, pay school fees, and make person-to-person (P2P) transfers via their mobile handsets.

"More and more banks across the region and worldwide are now looking to generate effective revenue streams from their consumer banking division and Luup is strongly positioned to offer them proven solutions that will deliver on this. Luup's unique mobile payment solutions are designed to provide banks and financial institutions with strong benefits - brand differentiation, customer convenience, new channel offering to their existing customers, alternative revenue generator and extensive reach to new target markets to name a few,"

said Morten Hofstad, Head of Business Development Luup MENA.

Luup's mobile payment network is providing banks worldwide with the opportunity to implement new revenue streams & tap into global remittance to enable bank customers throughout the Middle East to send their regular remittances in a fast, secure way & convenient way. Luup has pioneered what effectively is a unique and revolutionary service for both banks and their customers by availing them 'an exchange house in their pocket.'

Recent research conducted illustrates that where the emerging markets are concerned, the Middle East is predicted to represent the fastest growth in mobile payment transactions. It is estimated that by 2012 emerging markets are expected to account for 65% of global transaction volume. (Source - Gartner Report, 2009).

Over the next 12 months, Luup will be rolling out their integrated mobile payment solutions to various banks and financial institutions across different markets in the Middle East.