Scheme to send cash by mobiles imminent
An industry-wide scheme to make sending cash via mobile phone as easy as texting will be in place this year, the UK's Payments Council said yesterday.
Customers who register for the service will have their mobile numbers and account numbers linked on a central database and the initiative will be available to banks and building societies before the end of 2012, the payments body said.
The service can be used by any smartphone with an internet connection on any network.
Huge leaps in mobile payment technology are set to take hold this year, with Barclays last week unveiling a free app enabling people to send and receive money by using mobile phone numbers.
Barclays plans to make the Pingit app available to all UK adults from next month.