Mobile payments go global with universal platform

The launch of a new platform opens up a $426 billion mobile payments market to financial institutions and firms globally.

Mobile payments can now operate on a genuinely global platform as mobile payment and financial services solution provider Luup launches the first universal mobile payments platform. The platform, which is the result of the integration of the Temenos T24 core banking application and Microsoft BizTalk with Luup’s mobile payment services platform, will enable necessary scale to deal with large transaction volumes to provide advanced mobile payments at standards that meet banking regulatory and security requirements. 

“We believe that Luup’s new payment platform heralds a major shift in the mobile payments sector,” said Luup chief executive, Martin Wilson, in a statement. “Through Luup, banks have the opportunity to serve corporate and retail markets using a single universal mobile payments platform. They can now offer mobile payment services in developed and emerging markets anywhere in the world through any mobile device and on any network. This is an industry first.”

Luup operates in developed and emerging markets offering products and services to help financial institutions and companies reduce costs and introduce new income streams. In global markets, Luup enables banks to offer new mobile services for their corporate customers, while in emerging countries it is helping develop branchless mobile banking services to provide banking services to unbanked populations.

“Financial institutions require the capabilities, reliability and scalability of a bank-grade platform to capture a significant share of the predicted $426 billion market,” said Wilson. “As the only independent global provider of mobile payments, we have created an international remittance eco-system for banks and corporates, connecting senders and receivers of funds across the globe.” 

According to the firm, Luup’s managed service model enables banks to implement the service easily and at low cost and to scale-up as customers’ demand for mobile payments increases further. There are already over 5 billion mobile phone users worldwide and the figure is constantly growing.

“T24 is the most technically advanced core banking system available, used by hundreds of banks worldwide,” said Mark Gunning, global director, banking solutions at banking software system provider, Temenos. “Its integration into Luup’s universal platform for mobile payments means that financial institutions now have the unprecedented opportunity to get the mission-critical standard they expect on the ubiquitous mobile channel. This cooperation between Luup and Temenos creates the most flexible, cost effective and scalable mobile solution on the market, which enables Luup’s customers to meet the challenges and opportunities of tomorrow."

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