Deutsche Bank embarks on massive m-payments project

Deutsche Bank's Global Transaction Banking (GTB) unit has teamed with vendor Luup to offer mobile payments services to banks and corporations in 80 countries across Europe the Middle East and Asia.

The bank says the service will allow its GTB clients to offer millions of consumers an instant and secure payments and money transfer service from any mobile device with any network.
Deutsche claims it is the first major commercial bank to offer a cross-border mobile payments service to its banking and corporate customers.
The deal represents a major victory for Luup which recently scrapped its old business model of offering services directly to merchants and customers in favour of working with banks.
"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," says Thomas Bostrøm Jørgensen, chief executive, Luup.
LI: This is a significant announcement as it marries an established technological solution with a major bank. This will facilitate the role of out of cross-border transfers and will have an impact on remittances in the medium term.