Luup has signed a partnership agreement with Arab Link, a provider of money transfer and exchange services in Abu Dhabi, to launch real-time remittance corridors linking the United Arab Emirates (UAE) to countries including India, Bangladesh, Nepal, Pakistan, Philippines and Egypt.
The service, which will go live early next year, will enable Paylink payroll card holders of Arab Link to transfer money instantly to their families and loved ones through mobile phones.
Arab Link is the first exchange house in the UAE to offer real-time account-to-account money transfer services via any mobile phone handset.
“The UAE remittances market continues to grow and our partnership with Luup is aimed at simplifying the money transfer process, making it more convenient, quicker and less costly for our customers,” said Rob Groombridge CEO of Arab Link.
Currently 80 per cent of the UAE’s population is comprised of expatriates, with Indians making up the majority. With the UAE population at just over seven million, Indians make up 1.75 million, about 65 per cent of them being blue-collar workers employed in the construction industry, farms and municipalities.
“Our remittances corridor to India is very unique and removes many barriers to sending money home,” he continued. “The service will revolutionize international remittance payments because it allows for immediate account to account transfers making transactions quicker, safer and more convenient.”
Luup’s universal payment platform heralds a major shift in the mobile payment sector. It enables anyone to make and receive payments, anywhere in the world, with any mobile device, using a single platform.
Through SMS, people can transfer money from their accounts to beneficiary accounts immediately, compared to the 2-3 days with standard mobile banking applications, giving users greater convenience, security, and control.
“The service is convenient and quick because it transfers money in real-time. This is a benefit to migrant workers who can now use their mobile phones to make secure transactions,” said Martin Wilson CEO of Luup. “We are delighted to announce this new partnership as Arab Link is an energized, exciting exchange house keen to provide innovative new services to their customers”
Luup and Arab Link will also be running educational workshops to show migrant workers the benefits and cost saving of the new service. The service is expected to go live in the New Year subject to final regulatory approval.
Source: CPI Financial
By: Andy Scott