Luup International, a top mobile payments solutions provider of Norwegian origin, and Emirates International Exchange (EIE), a leading exchange house in the UAE, have teamed up to introduce a mobile phone based payroll solution.

It will enable migrant and local workers’ wages to be paid onto a mobile wallet or a mobile-enabled payroll card. The mobile wallet and card holder will then be able to withdraw cash at EIE locations in the UAE and make mobile remittance transactions through the Luup mobile remittance gateway.

The global mobile payments market is a huge growth area at present, with research indicating that its value will reach $553 billion by 2013, a statement said.

There is also the huge potential to reach an estimated 364 million unbanked people, who tend to have access to a mobile phone, by agent-networked mobile banking.

In the Middle East alone, businesses such as the EIE can tap into 15 million migrant workers in Kuwait, Saudi Arabia and the UAE, the statement said.

These workers remit 50 per cent of their salary home, an estimated sum of $3.195 billion a month, according to the statement.

“Our partnership with Luup will aid our expansion in the Middle East,” said Humaid Mohammed Humaid Shattaf, chairman, Emirates International Exchange.

“It enables us to increase our business offering, generate new revenue and integrate technological innovation into our channels,” he added.

Luup will deploy its cutting edge, white labeled mobile payments platform to enable EIE to reach new target markets and customers, drive brand differentiation and create new revenue streams.

The Luup mobile solution will be combined with EIE’s own infrastructure made up of a large ATM presence across the UAE, 16 branches and its international money transfer network.

“We will roll out our banking-grade mobile payments management and hosting service for EIE over the next four months, enabling speed to market, ongoing cost-efficiency and quality excellence, reflected for example in high availability and security of services for users,” said Morten Hofstad, regional director, Luup.

“The deal further underscores Luup’s leadership in the region and expands our remittance gateway offering,” he added. – TradeArabia News Service