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NBAD moves into mobile services
National Bank of Abu Dhabi (NBAD) is pioneering the use of mobile phone-based e-payment transactions, after teaming up with Mobile Value Systems (MVS).
The bank's customers will be able to use their mobile phones to make secure payments and money transfers to any bank, mobile phone or person-to-person through LUUP Services, a Norwegian/European service that provides an open technology platform for e-payments. MVS holds the exclusive licence for LUUP in the Middle East and North Africa region.
NBAD will be the first bank in the region to launch the service, and the first bank outside Europe to use LUUP's services. Bank customers will now be able to transfer money, download mobile content and pay bills through their mobile phones within seconds.
Khalid Deemas, head of retail banking, NBAD, said: "We want to provide our customers with convenience and security, and that is what they will get with the launch of LUUP services in the UAE. LUUP users need only send a text message and within a matter of seconds, rather than days, a secure transaction is completed, at a fraction of the cost of traditional fund transfers. Funds can be sent in any currency, so someone in the UAE, for example, can safely send US$, AED or other currencies to someone in London."
The signing ceremony at NBAD's headquarters was attended by Anne Rikter-Svendsen, Norway's ambassador to the UAE, Saif Al-Munakas, general manager, domestic banking division, NBAD, Khalid Deemas, head of retail banking, NBAD, and Baher Audah, chairman of MVS.
Baher Audah, MVS chairman, said: "LUUP is an independent payment system, meaning that it can be used from any mobile phone regardless of mobile carrier and by customers of any bank or credit card. We decided to partner with NBAD due to the bank's forward-looking business focus and large customer base in the UAE."
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