Schoolkids test SMS banking

News.com reports that Australian school children are being used to test new technology that allows people to text cash to each other's bank accounts.

"Developed by Brisbane company Qpay, the technology turns a mobile phone into a "virtual wallet" which is linked to its own bank account.

It is being tried by 100 students at Brisbane's Sheldon College who have each had $10 credited to their accounts. "They can transfer the money to existing bank accounts and take the cash out if they want. We don't care. We just want to find out how they want to use it," Qpay director Peter Cran said.

School principal Dr Lyn Bishop said she thought the test would boost her students' entrepreneurial spirit."

emily | 6:35 PM | SMS and Banking |
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