New mobile cash transfer system has huge market

Dubai: The global mobile money transfer market is set to be worth $21 billion (Dh77 billion) by 2011 with around 61 per cent of the world's population owning a mobile phone, according to Deutsche Bank and mobile payment services provider, Luup.

Deutsche Bank's Global Transaction Banking (GTB) division, a leader in payment clearing and settlements in all major currencies, is introducing mobile phone payments to its clients in 80 countries in Europe, the Middle East and Asia.

Luup will partner Deutsche Bank to make mobile payments easier, quicker and more efficient.

The new mobile payment service will allow the bank's GTB clients to offer millions of consumers an instant and secure payment and money transfer service from any mobile device in any mobile network.

This is the first time a major commercial bank has offered a cross-border mobile payment service to its customers.

"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," said Daniel Marovitz, global head of products at Deutsche Bank's GTB division.

Thomas Borstrom-Jorgensen, chief executive of Luup, said the agreement will offer new markets, new channels and new revenue streams. The technology will also provide access to the three billion strong global unbanked population, Borstrom-Jorgensen added.