LUUP
Encyclopedia
Luup is an m-commerce payment solution that allows users to pay, send and receive money via their mobile phone. Luup is building an international mobile transaction network by partnering with banks and financial institutions around the world. Luup specialises in payment processing, the development of mobile payment applications and the hosting of stored value accounts for financial institutions. Customers using Luup can pay for goods and services, donate to charities, pay bills or send money to friends using their mobile phone.
Luup is a regulated service and complies with all applicable national and international rules and regulations such as relevant EC Directives regarding issuance of electronic money and payments. Luup is strictly regulated by the financial authorities of each country of operation, including the Financial Supervisory Authority of Norway
in Norway and the UK FSA
. Luup also has a pan-European E-Money license.
In June 2004, Contopronto sold the product assets, i.e. the software solutions, and associated rights and responsibilities to the Swiss company Contosoft. From this point, Contopronto would focus on mobile and online payment activities in Europe, while licensing the necessary software from Contosoft. Contosoft would concentrate on maintaining and developing the mobile payment systems software and licensing the solution to companies and other interested parties throughout the rest of the world.
In April, 2005, following a period of further product development, Contopronto launched its new and improved payment solution in Norway. The new payment solution was branded "Luup". During 2005, Contopronto opened offices in the UK and Germany and started to test the service in these markets as well.
Luup is currently entering into partnerships with banks and financial institutions in the Middle East, Europe and key countries in Asia to support mobile payments and remittance services. In February 2007 Contosoft signed an agreement with the National Bank of Abu Dhabi (NBAD), which allows every NBAD customer to use the Luup Mobile Payment Network.
, the UK Financial Services Authority
, and the German Bundesamt für Finanzdienstleistungsaufsicht.
As an E-Money Institution Luup is not covered by any public or private insurance schemes. They are, however, tightly regulated by both the Financial Supervisory Authority of Norway and the UK Financial Services Authority pursuant to applicable EC Directives and national Rules and Regulations. This includes a one million EURO security currently placed with the Norwegian Financial Services Authority, or a minimum own capital (funds) requirement equalling two percent of all outstanding issuance of E-money.
Luup is a regulated service and complies with all applicable national and international rules and regulations such as relevant EC Directives regarding issuance of electronic money and payments. Luup is strictly regulated by the financial authorities of each country of operation, including the Financial Supervisory Authority of Norway
Financial Supervisory Authority of Norway
The Financial Supervisory Authority of Norway is a Norwegian government agency responsible for supervision of financial companies within Norway based on law and regulations from Storting, the Norwegian Ministry of Finance and international accounting standards...
in Norway and the UK FSA
Financial Services Authority
The Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...
. Luup also has a pan-European E-Money license.
History
Luup is a trademark of Swiss company Contosoft. Luup was originally developed by Contopronto, a privately owned Norwegian company with operations in Norway, Germany and the UK. It was established in 2000 with the intention to develop a technologically advanced payment system that would be used with mobile phones. In 2002, following nearly two years of development activities, Contopronto received its e-money small issuer's licence from the Norwegian Department of Finance, which enabled them to launch the first mobile payment system and to issue e-money. The Luup mobile payment solution was first launched in Norway in July 2002 under the Contopronto name.In June 2004, Contopronto sold the product assets, i.e. the software solutions, and associated rights and responsibilities to the Swiss company Contosoft. From this point, Contopronto would focus on mobile and online payment activities in Europe, while licensing the necessary software from Contosoft. Contosoft would concentrate on maintaining and developing the mobile payment systems software and licensing the solution to companies and other interested parties throughout the rest of the world.
In April, 2005, following a period of further product development, Contopronto launched its new and improved payment solution in Norway. The new payment solution was branded "Luup". During 2005, Contopronto opened offices in the UK and Germany and started to test the service in these markets as well.
Luup is currently entering into partnerships with banks and financial institutions in the Middle East, Europe and key countries in Asia to support mobile payments and remittance services. In February 2007 Contosoft signed an agreement with the National Bank of Abu Dhabi (NBAD), which allows every NBAD customer to use the Luup Mobile Payment Network.
Business Today
Luup is building an international mobile transaction network by partnering with banks and financial institutions around the world. Today it is possible to use Luup for:- Remittance - Luup offers a highly cost-effective solution for foreign workers wishing to send money to their home countries. Firstly, a user does not have to hold a bank account to receive money via Luup, which means that workers can be paid directly to their mobile phone without needing to get a bank account in their country of employment. They can then send the money via Luup to someone in another country for a fraction of the cost of a normal international money transfer.
- Person to Person payments - Whether it's splitting a bill, paying a friend back or transferring money for a private transaction, Luup facilitate a very simple way to make personal payments.
- Goods and services - Luup users can use their mobile phones to pay in shops and for various services such as taxis.
- Charity donations - Charities can now receive donations by SMSSMSSMS is a form of text messaging communication on phones and mobile phones. The terms SMS or sms may also refer to:- Computer hardware :...
without facing hefty charges to mobile phone operators. Luup is currently in partnership with over 40 charities including Amnesty International, Acorns and Cancer Active, allowing Luup users to donate to these charities by SMS. - Top-up for pre-paid mobile phones - Luup enables customers to top-up their prepaid mobile phones. This service allows users to buy airtime for their mobile phones from their mobile phones.
- Mobile-ticketing or M-ticketingMobile ticketing1. Mobile ticketing is the process whereby customers can order, pay for, obtain and validate tickets from any location and at any time using mobile phones or other mobile handsets. Mobile tickets reduce the production and distribution costs connected with traditional paper-based ticketing channels...
- Luup enables an end-to-end mobile ticketing solution, where the user sends a message to buy the ticket and receives a barcodeBarcodeA barcode is an optical machine-readable representation of data, which shows data about the object to which it attaches. Originally barcodes represented data by varying the widths and spacings of parallel lines, and may be referred to as linear or 1 dimensional . Later they evolved into rectangles,...
ticket which can then be swiped to allow entrance. For example, the Eden ProjectEden ProjectThe Eden Project is a visitor attraction in Cornwall in the United Kingdom, including the world's largest greenhouse. Inside the artificial biomes are plants that are collected from all around the world....
in CornwallCornwallCornwall is a unitary authority and ceremonial county of England, within the United Kingdom. It is bordered to the north and west by the Celtic Sea, to the south by the English Channel, and to the east by the county of Devon, over the River Tamar. Cornwall has a population of , and covers an area of...
has developed a system with mobile payment provider Luup which allows people to order, pay for and redeem their tickets using their mobiles.
FSA Compliance
Contopronto is a financially regulated institution with one of the first pan-European E-money licenses to be issued under the European Union E-money Directive, making them fully compliant with money laundering regulations and suspicious activity reporting requirements in all of our countries of operation. Contopronto is authorised and regulated by the Financial Supervisory Authority of NorwayFinancial Supervisory Authority of Norway
The Financial Supervisory Authority of Norway is a Norwegian government agency responsible for supervision of financial companies within Norway based on law and regulations from Storting, the Norwegian Ministry of Finance and international accounting standards...
, the UK Financial Services Authority
Financial Services Authority
The Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...
, and the German Bundesamt für Finanzdienstleistungsaufsicht.
Safety and Security
In order to use the Luup service a user must choose a user name or use their mobile phone number as their unique identifier. They must also choose a password and secret question & answer. They will then be given a PIN ("Personal Identification Number") once they have registered. When buying goods and services from online stores (merchants) they may have to enter their PIN.As an E-Money Institution Luup is not covered by any public or private insurance schemes. They are, however, tightly regulated by both the Financial Supervisory Authority of Norway and the UK Financial Services Authority pursuant to applicable EC Directives and national Rules and Regulations. This includes a one million EURO security currently placed with the Norwegian Financial Services Authority, or a minimum own capital (funds) requirement equalling two percent of all outstanding issuance of E-money.
External links
- Official site
- http://www.institute-of-fundraising.org.uk/pressroom/pressreleases/innovationzonediscovery.htm
- http://business.guardian.co.uk/story/0,,1766049,00.html
- http://www.thirdsector.co.uk/News/login/651153/
- http://www.cbronline.com/article_news.asp?guid=CF0B0996-1278-461D-8DEF-27E1718E93BF
- http://www.ameinfo.com/120720.html?rsslink