Luup today launched its universal mobile payments platform. It is the outcome of a partnership between Temenos T24 core banking application, Microsoft BizTalk and Luup.
According to Luup, the integration of market leading applications with their platform helps them to provide the most advanced mobile payments managed service available. It is said to get together the scale to deal with large transaction volumes and the mission critical standards which banks look out for to meet regulatory and security requirements.
“We believe that Luup’s new payment platform heralds a major shift in the mobile payments sector. 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,” commented Luup CEO, Martin Wilson.
The company’s managed model lets banks implement the service conveniently at an affordable price and scale-up as customers’ demand for mobile payments increases further. There are apparently over 5 billion mobile phone users globally and the figures are currently on the rise.
Luup presents financial institutions and corporates with the opportunity to minimize costs and introduce new income streams in developed and emerging markets. In case of international markets, the company will allow banks to offer new mobile services for their corporate customers. For the chunk of unbanked populations in emerging countries, a branchless mobile banking service is set to be developed which will consider the financial inclusion agenda.