entered a major uptake phase has been provided by a decision by
Germany’s biggest bank, Deutsche Bank, to enter the market on a
Spearheaded by its Global Transaction Banking (GTB) division,
Deutsche’s goal is to provide its private and corporate customers
in 80 European, Middle Eastern and Asian countries with a payments
and money transfer service that will be accessible on any mobile
device via any mobile network.
Launch of the service will mark the first entry of a major
commercial bank into the cross-border mobile payments market which
consultancy KPMG predicts will, by 2011, achieve a total
transaction volume of $21 billion.
“Mobile technology moves on apace and we believe that now is the
time to take a solution to the global market,” said GTB’s global
head of products Daniel Marovitz.
Partnering with GTB is Norwegian mobile payments technology
developer and services provider Luup International, a
privately-owned company formed in 2002. Luup was selected because
of its experience, proven technology and compliance-focus, noted
Commenting on the agreement with Deutsche, Luup’s CEO Thomas
Bostrøm Jørgensen said: “This is a huge step forward for Luup and
the whole mobile payments industry.”
Luup’s considerable experience in cross-border mobile payments
has been provided by services offered to consumers in Norway since
2005 and in the UK and Germany since 2006. Luup is to terminate
these operations in April 2009 and focus solely on partnering with
financial institutions, a strategy it believes will enable it to
achieve “exponential growth.”
Strengthening its capabilities in the mobile payments market,
Deutsche has also announced that ABN AMRO’s head of payments and
cards services development, Ron van Wezel, is to become Deutsche’s
global product manager responsible for mobile and emerging payments
and online payments. Van Wezel is chairman of mobile financial
services industry body Mobey Forum.