Luup has signed an agreement with Arab Link, a provider of money transfer and exchange services in Abu Dhabi, to launch real-time remittance corridors linking the UAE to countries including India, Bangladesh, Nepal, Pakistan, Philippines and Egypt.
The service is scheduled to go live next year and will allow Paylink payroll card holders of Arab Link to transfer money to family and friends instantly, through mobile phones. Arab Link is the first exchange house to offer real time account-to-account money transfers via a mobile phone.
“The UAE remittances market continues to grow and our partnership with Luup is aimed at simplifying the money transfer process, making it more convenient, quicker and less costly for our customers,” said Rob Groombridge CEO of Arab Link.
“Our remittances corridor to India is very unique and removes many barriers to sending money home,” he continued. “The service will revolutionise international remittance payments because it allows for immediate account to account transfers making transactions quicker, safer and more convenient.”
The immediate money transfers are a shift from the conventional 2-3 days that it takes with standard mobile banking applications. Luup thinks this will give users greater convenience, security, and control.
“The service is convenient and quick because it transfers money in real-time. This is a benefit to migrant workers who can now use their mobile phones to make secure transactions,” said Martin Wilson CEO of Luup. “We are delighted to announce this new partnership as Arab Link is an energised, exciting exchange house keen to provide innovative new services to their customers”