Deutsche Banks Global Transaction Banking (GTB) division, which specializes in payments clearing and settlement across all major currencies, is introducing mobile 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.
The mobile payment service will enable the banks 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 by KPMG.
The bank says this is the first time that 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.
Mobile technology moves on apace and we believe that now is the time to take a solution to the global market, says Daniel Marovitz, Global Head of Products at Deutsche Banks Global Transaction Banking division. (According to the International Telecommunication Union's ICT Development Index, March 2009) around 61 per cent% of the worlds 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.
Luup Chief executive Thomas Bostrm Jrgensen says the deal is a huge step forward for Luup and the whole mobile payments industry.
As well as benefiting consumers, Luups services benefit financial institutions and corporate clients by opening up new markets, new channels and new revenue streams, says Jrgensen. 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.