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21/02/2012
Payments By Mobile 'Expected This Year'
A scheme has been unveiled by the Payments Council that will allow instant electronic payments via mobile phone, and will be as easy as sending a text.
Mobile customers who register for the service will have their mobile phone and bank account numbers linked on a database, with the initiative available to banks and building societies before the end of 2012. Available to any phone internet access users will sign up to the scheme through their own banks to avoid them having to give any personal information to a third party.
Mobile technology is expected to advance rapidly this year with Barclays already unveiling an app which allows its users to send and receive money via their phones.
Richard Martin, head of innovation at the Payments Council, described mobile payments as a "rapidly developing marketplace" with "limitless" possibilities.
Concrete plans for the scheme will be outlined over the coming months, with issues such as minimum and maximum payments still under debate.
"I expect it will be largely left up to the choice of the banks concerned," said Martin, "at least until banks become comfortable – and customers."
(MH)
Mobile customers who register for the service will have their mobile phone and bank account numbers linked on a database, with the initiative available to banks and building societies before the end of 2012. Available to any phone internet access users will sign up to the scheme through their own banks to avoid them having to give any personal information to a third party.
Mobile technology is expected to advance rapidly this year with Barclays already unveiling an app which allows its users to send and receive money via their phones.
Richard Martin, head of innovation at the Payments Council, described mobile payments as a "rapidly developing marketplace" with "limitless" possibilities.
Concrete plans for the scheme will be outlined over the coming months, with issues such as minimum and maximum payments still under debate.
"I expect it will be largely left up to the choice of the banks concerned," said Martin, "at least until banks become comfortable – and customers."
(MH)
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