Luup Opens Remittance Corridor to Indonesia

Dubai, United Arab Emirates (PressExposure) December 24, 2009 -- Luup International Ltd. (Luup), a leading mobile payments solutions provider, announced its intent to open a mobile enabled remittances corridor between the United Arab Emirates (UAE) and Indonesia with the cooperation of PT Koinstar Dhasatra Indonesia Remittance. Dhasatra is an Indonesia based company with a network of 120 banks and 5,000 post offices around the country.

When the service launches next year, over 300,000 Indonesians living in the UAE will be able to transfer money to their families and other recipients in Indonesia directly from their mobile phone handsets. Luup’s mobile payments solution will be deployed to facilitate secure transfers between remitters in the UAE and their beneficiaries in Indonesia.

“There a large, untapped market for all parties involved in the remittances sector, be they banks, money exchange companies and post offices,” said Nicolas Dharmawan, president director of Dhasatra Indonesia Remittance. “Not only will this innovative service provide remitters and their beneficiaries with low cost, secure and high-speed remittance services, but it will bring new revenue channels to all parties which execute the transactions.”

Luup’s state of the art technology enables users to transfer cash around the world using special short codes, sent through SMS messages, directly from their bank accounts, payroll cards or money exchange accounts to their beneficiaries. The people receiving the funds can cash-out the transfers at ATMs, post offices or money exchange houses.

“Banks today need new revenue sources especially on the debit side of the business, given the prevailing liquidity crunch,” said Morten Hofstad, Luup’s regional director of Middle East and Africa. “Our technology platform acts as a facilitator enabling banks to growth their business with fee-based, transaction driven remittances, thus generating new sources of revenue.”

Luup International first launched its services in the Middle East through a partnership with the National Bank of Abu Dhabi (NBAD) and last year also partnered with Deutsche Bank’s Global Transaction Banking. This was followed by cooperation agreements with the Metropolitan Bank and Trust Company (Metrobank) of the Philippines and Emirates International Exchange (EIE), in the United Arab Emirates.

About Luup International: Luup is an independent global provider of mobile payments solutions, 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.

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Press Release Submitted On: December 24, 2009 at 12:33 am
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