Deutsche Bank’s payments clearing and settlements arm, Global Transaction Banking (GTB), is to partner with mobile payments provider Luup to develop services for mobile phone users in 80 countries across Europe, the Middle East and Asia.
In a statement, the bank said the service will allow millions of customers to make instant and secure payments using any mobile device on any mobile network.
According to projections from professional services firm KPMG, the global market for mobile money transfers is expected to be worth $21 billion by 2011.
Furthermore, data included in the International Telecommunications Union’s March 2009 ICT Development Index indicates that 61 percent of the world’s population now has a mobile phone.
GTB division global head of products Daniel Marovitz noted that while mobile use is on the rise, cash payments continue to decline.
“Mobile technology moves on apace and we believe that now is the time to take a solution to the global market,” says Daniel Marovitz.
Earlier this week, credit card provider Barclaycard and mobile phone firm Orange announced a new partnership to development a range of contactless mobile payment services.
D.C.