Deutsche Bank introduces mobile phone payments services in 80 worldwide

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***.”

*KPMG
**International Telecommunication Union's ICT Development Index, March 2009 
***World Business Council for Sustainable Development's Doing Business with the World, September 2007