Deutsche Bank partners with Luup International to shape the future of mobile payments
Deutsche Bank’s Global Transaction Banking (GTB) division, one of the leaders in payments clearing and settlement across all major currencies, is introducing mobile phone payments services to its clients in 80 countries across Europe, Middle East and Asia. Luup, a European-based mobile payment provider with a global footprint, will partner with Deutsche Bank to provide the service.
This new mobile payment service will allow the Bank’s GTB clients to offer millions of consumers an instant and secure payments and money transfer service from any mobile device with any mobile network. The global mobile money transfer market is projected to reach US$ 21 billion by 2011*.
It is the first time a major commercial bank has offered a cross-border mobile payments service to its banking and corporate customers. Deutsche Bank GTB has chosen to partner with Luup because of its proven technology and experience, strong organization and focus on compliance.
Daniel Marovitz, Global Head of Products at Deutsche Bank’s Global Transaction Banking division said: “Mobile technology moves on apace and we believe that now is the time to take a solution to the global market. Around 61 per cent** of the world’s population has a mobile phone and the penetration of mobile continues to increase, while the use of cash continues to decline globally. Investing in technology and focusing on making banking and payments easier for clients and their customers is at the core of what we do.”
Thomas Bostrøm Jørgensen, Chief Executive of Luup, said: “This is a huge step forward for Luup and the whole mobile payments industry. As well as benefiting consumers, Luup’s services benefit financial institutions and corporate clients by opening up new markets, new channels and new revenue streams. Not only will mobile payments offer a new, convenient channel for existing customers of banks, the technology will also provide access to the 3 billion strong global unbanked population***.”
**International Telecommunication Union’s ICT Development Index, March 2009
***World Business Council for Sustainable Development’s Doing Business with the World, September 2007
For further information on Luup International go to: www.luup.com
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 80,456 employees in 72 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
The Bank is a leading institution in the global payments industry, being one of the top five payment providers in the world. It is also the number one Euro clearer and top five dollar clearer. Its Global Transaction Banking division covers Deutsche Bank’s trade finance, cash management and trust & securities services businesses servicing both financial institutions and corporate clients. Its products and services include domestic and cross-border payments, professional risk mitigation for international trade and the provision of trust, agency, depositary, custody and related services.
Luup is an independent global provider of mobile payment services, systems and infrastructure, enabling a wide range of payments to be initiated and managed from a mobile phone. The company specializes in offering payment processing, mobile payment interfaces and virtual mobile phone accounts.
Launched in Norway in 2002, and with operational experience in three European markets, Luup is partnering with banks and financial institutions around the world to create a global mobile payment network. Luup is a privately owned company.
Luup is the only company operating a true cross-border mobile payments service for both banked and unbanked customers. Its service enables financial institutions to offer:
- convenient and secure methods for customer to make bill payments, merchant payments and money transfers while on the go
- virtual accounts from which previously unbanked customers can withdraw their salaries in cash and remit money home to their families
- electronic payroll solution to those companies wishing to reduce costs and increase security while serving their unbanked employees a service that is able to work with any mobile phone operator and on any mobile phone device
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