Norwegian Mobile Payments Technology to Dramatically Enhance the Life of 400 Million People in IndiaBy Luup, PRNE
Wednesday, October 27, 2010
Luup Signs Agreement With Oxigen During Visit of Norwegian Delegation to Strengthen Ties With India
MUMBAI, India, October 28, 2010 - Oxigen Services Pvt. Ltd today signed a service agreement with Luup, a
world leading mobile payments company with its Research and Development hub
in Norway, creating a milestone in the delivery of financial services to
Indian communities. The signing ceremony was held during the official visit
of a high profile Norwegian delegation to strengthen ties with India,
attended by His Excellency, Mr. Trond Giske, Minister of Trade & Industry of
The tie-up between Oxigen and Luup is the first of its kind in the world,
promoting cost-effective and seamless, branchless banking, cross-border as
well as domestic remittances and airtime top-up through the banking channel -
all via a mobile handset. As India is the largest receiver of remittances
globally, the new services enabled by Oxigen and Luup will benefit not only
the large number of under- or unbanked in India, it will also bring
convenience to the millions of migrants working in other countries who
Oxigen will use Luup's mobile money technology platform and services to
run all of Oxigen's bank-orientated mobile financial services, which will
help it grow revenues. The new services will be scalable, secure and
user-friendly - to benefit both end-users (banked, unbanked and under-banked)
and bank kiosk agents.
Speaking on the occasion, Mr Pramod Saxena, Managing Director and
Chairman, Oxigen, said, "Oxigen's new partnership with Luup is a major step
forward in enabling the unbanked and under-banked people in India to receive
money from their earning family members overseas. Oxigen is continuing to
leverage its retail foot print and payment solution software to bring greater
convenience and cost savings to its customers."
In addition, Luup will add all Oxigen services to its own portfolio of
Mobile Branchless Banking and Mobile Remittance Solutions. The aim is to
enable Indians living in other countries (starting with the UAE, a hub of
Indian migrant workers) to remotely top-up the mobile phones of their
families in India.
Through the partnership, Oxigen's 75,000 strong retail network will
become part of an extended local and international payments gateway. With
this combined effort Oxigen can expand its business reach overseas with
Luup's international partners, such as retail banks, exchange houses, payroll
providers and money transfer organisations.
"The partnership with Oxigen is a key step in expanding Luup's
international payments gateway further," explained Morten Hofstad, Regional
Director, Luup. "We build multi-lateral distribution corridors for seamless,
cost-effective and convenient international and domestic remittances. By
signing up key partners from banks, exchange houses and payroll processors we
create gateways such as the one from the Gulf region to India, bringing vital
new solutions to the Indian community."
This partnership will simplify one of the biggest remittance corridors by
offering easy and simple access to mobile money to about 400 million
un-banked people across rural India, thus providing a push towards financial
India receives more than $ 50 billion annually in remittances from
Overseas Indians, out of which approximately $ 25 billion is from Gulf
countries alone. This New low cost Mobile-based money transfer service will
benefit their Indian families who will now be able to receive money into the
No Frill Accounts opened at Oxigen SBI Banking Kiosks in their neighborhood.
The signing ceremony between Luup and Oxigen took place today as part of
the ICT Solutions programme of a high profile conference, at the Trident
hotel in Mumbai, India. Technological innovations are one of the key
highlights presented at the conference to mark the visit of high profile
business delegates, who are on an official visit to Indian cities to
strengthen ties between Norway and India.
Luup leads with banking-grade mobile payments solutions that enable
organisations to securely and profitably transform the way financial services
are delivered. The company offers innovative technology developed from its
Research and Development hub in Norway that solves customers' business
challenges, giving access to new cost-saving and revenue-generating
solutions. Luup has proven best-practice experience and has been developing,
deploying and running mobile money managed services since 2002.
Luup's commitment to success extends to the creation of an extensive
payments gateway. This enables customers to easily expand their own business
reach with Luup's high profile partners. The company devises strategies for
financial institutions such as Deutsche Bank's Global Transaction Banking
Group and leading UAE bank, the National Bank of Abu Dhabi amongst others.
Luup's industry leading technology integrates Temenos T24 and Microsoft
For additional information visit the Luup website www.luup.com
Oxigen is India's First and Largest Single Point Recharge, Bill Payments,
Ticketing and Kiosk Banking Service provider in India. It has pioneered the
idea and execution of electronic virtual distribution of services like
Prepaid Airtime, DTH/TV Recharges, OxiCash Cards, Railway /Air/Bus Tickets,
Movie Tickets, Bill/Utility payments, Internet/Broadband Payments, Insurance
policy repayments, Calling-card Payments. Oxigen, which has over 75000
customer touch points across India, recently joined hands with India's
largest bank- State Bank of India to offer banking services at neighbourhood
retails, to help financially excluded Bottom of Pyramid people (the Rural and
Urban poor) to open "No Frill bank accounts", with biometric identification
and transact cash deposits, withdrawals, Loans and domestic Money Transfer.
Oxigen aims to be an instrument of financial inclusion, for the bottom of
the pyramid (B.O.P) people of India
To set-up nationwide seamlessly networked environment of connectivity,
for mobile linked people and retail, to facilitate banking, transactions and
payments within the convenient reach of people in their neighbourhood.
Luup and the Luup logo are registered trademarks of the Luup
Group of Companies. Any other company or product names mentioned herein may
be trademarks of their respective companies.
For additional information do visit the Oxigen website
www.myoxigen.com & www.oxicash.in
Note to Editors:
A picture accompanying this release is available from the European
Pressphoto Agency (EPA). To view, go to https://webgate.epa.eu/ and log
in using Username: prnewswire and Password: guest01
For queries please contact: Oxigen: Ms. Meher Sarid: email: meher.sarid at myoxigen.com, ph.: +919811050555, Landline: +91(0)124-3950106, Luup: Business Development - Mr. Morten Hofstad: email: morten.hofstad at luup.com, ph.:+971552222705, Media queries: Beatrice Martin-Vignerte, Director of Corporate and Marketing, Communications, Phone +44 788 4187763, Email beatrice.m-vignerte at luup.com
Tags: India, Luup, Mumbai, October 28