Mobile payments solutions provider Luup International yesterday signed an agreement with Emirates International Exchange (EIE) to roll-out a mobile phone-based payroll solution.
It will enable migrant and local workers' wages to be paid on to 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 mobile payments market is a huge growth area at present, with research indicating that its value will reach $553 billion (Dh2 trillion) by 2013. Moreover, there is 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.
As these workers remit 50 per cent of their salary home, an estimated sum of $3.1bn a month, the revenue potential to be gained by mobile enabling transactions is clear.
Luup will deploy its white labelled mobile payments platform to enable EIE to reach new target markets and customers.
The Luup mobile solution will be combined with EIE's own infrastructure made up of an ATM presence across the UAE.