LUUP has announced its intentions to pursue business opportunities in China. With a mobile penetration of 35, 3% of the total population and a yearly growth of 17.32%, LUUP considers China to be the most important market for m-payments and remittance globally.

“LUUP is currently exploring several potential partners, and aims to be operational in the Chinese market in 2007. Together, LUUP and its Chinese partners will establish LUUP as the number one mobile payment service, providing remittance services and new purchasing freedom for mobile consumers.” said Thomas Bostrøm Jørgensen, CEO in LUUP.

LUUP has a strong position in Europe, with successful operations in UK, Germany, Poland and Norway. The company is currently entering into partnerships with banks in the Middle East and key countries in Asia to support remittance in this very important corridor. The recently announced agreement with National Bank of Abu Dhabi shows that key players are supporting the company’s global strategy, and many more will follow. LUUP is also partnering with financial institutions in North- and South-America to increase the remittance footprint. The LUUP technology is developed and maintained by Contosoft SA.

The LUUP service enables users to perform cross-border money transfers within seconds using their mobile phones. LUUP and the local bank partners will offer several options for getting funds in and out the system, making it a TRUE cash-to-cash remittance service. LUUP is also offering a strong proposition for remote mobile payments, domestic person-to-person payments and governmental pay-outs. Unlike other initiatives involving Telco’s and card companies, the LUUP service can be accessed by ANYONE in the world independent of their mobile service operator or credit card issuer.

LUUP has been operating in Europe since 2002, and received one of the first pan-European E-money licenses to be issued under the European Union E-money Directive, making it fully compliant with money laundering regulations and suspicious activity reporting requirements. LUUP is the only market proven mobile payment service with a global strategy. The company is currently partnering with leading banks and financial institutions worldwide to build an open and independent global infrastructure to support remittance from the mobile phone. (LUUP)

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