LUUP

] . 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-ticketing - Luup enables an end-to-end mobile ticketing solution, where the user sends a message to buy the ticket and receives a bar-code ticket which can then be swiped to allow entrance. For example, the Eden Project in Cornwall 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 Norwegian Kredittilsynet, the UK Financial Services Authority, and the German Bundesamt für Finanzdienstleistungsaufsicht.

Using Luup

The Mobile Payment Process

Payments can be divided into two different categories:

* User to another person (known as P2P, or "Person2Person")
* User to a merchant (known as P2B or "Person2Business")

For a P2P transaction, the user would combine the word "PAY" with the person's username or mobile phone number and followed by the amount desired to be sent e.g. 'PAY JENNIFER 6' or 'PAY 07954664178 6'.The sender receives an immediate SMS receipt confirming the payment has gone through and displaying their new balance. The recipient also receives an SMS confirming that they had received the payment and their new balance.

For a P2B transaction, the user simply follows the instruction on the merchant's website or as directed in the applicable advertisement.

Luup is currently operational in Europe and have recently launched in the Middle East and China.

Currency

The default currency is set to that of the country of the user’s account. In the UK, for example, the default currency is Pounds Sterling (£). Users may however choose to make payments in another currency. For a UK user to conduct a transaction in EURO, the user simply has to enter "EUR" in front of the transaction amount. Luup uses an exchange rate based on the European Central Banks official currency exchange rate list which is downloaded every 24 (twenty-four) hours.

afety 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

* [http://www.luup.com/corporate/index.html Official site]

Press articles

*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

References