The service is powered by a platform developed by Norway-based mobile and online payments services provider Luup. The service is to be launched throughout several stages spanning a period of 18 months. The full service is to enable NBAD customers to transfer money, pay utility bills, receive salaries, top-up mobile accounts, and make charity donations directly from their mobile phones.
In the first stage of the launch, Luup will enable NBAD users to make transfers from their NBAD bank account to anyone in the UAE using a mobile phone. If the receiver is also an NBAD Arrow service user, the money is sent directly to his bank account. Otherwise, the amount can be withdrawn from any NBAD ATM within 24 hours by using a code received via SMS. NBAD Arrow users can also instantly pay utility bills to Etisalat, Dewa, Adwea and other suppliers, as well as donate to charities like the UAE Red Crescent.
Luup was launched in Norway in 2002 under the Contopronto name and it currently has operations in Norway, Germany, the UK and China. Luup has an open and independent payment network, not bound to a specific financial institution or mobile network operator. Contopronto is a financially regulated institution with pan-European E-money licences issued under the European Union E-money Directives. Contopronto is authorised and regulated by the Norwegian Kredittilsynet, the UK Financial Services Authority, and the German Bundesamt fur Finanzdienstleistungsaufsicht.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now