January 16, 2013

Payments by text message service to launch in UK in Spring 2014

UK mobile users will be able to send and receive money by sharing only their phone number by Spring 2014, the Payments Council has said, reports the BBC.

quotemarksright.jpgAccount owners will be asked by their banks if they want to opt-in to a database that will allow the sending of money by text message.

The scheme is being backed by eight major financial institutions:

-- Barclays

-- Cumberland Building Society

-- Danske Bank

-- HSBC

-- Lloyds Banking Group

-- Metro Bank

-- Royal Bank of Scotland

-- Santander/p>

Its launch will bring the UK up to speed with technology long in use in the developing world.

Many African nations use systems such as M-Pesa, typically seen as a secure way to transfer funds quickly between individuals and businesses.

A spokesman for the Payments Council told the BBC it had taken the UK longer to catch up due to the technical challenge of building and testing a new database to power the system.

Mobiles in the UK are already being used for a variety of online banking tasks, with services such as Barclay's PingIt simplifying sending money to and from accounts.

But this new set-up will be the first to not require users to set-up a separate account with a mobile wallet service.quotesmarksleft.jpg

Read more.

emily | 8:28 AM | Mobile Payments | Add this this entry to your del.icio.us bookmarks. Digg This Technorati search results for this Entry
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