03 December 2016

UK telcos launch mobile payments system

03 September 2007  |  12471 views  |  0 mobile keypad

The UK's major mobile phone operators - Orange, Vodafone, T-Mobile, 3 and O2 - have launched a payment system that allows subscribers to use their handsets to pay for low value purchases.

Users of the new PayForIt system can make one-off payments or set up subscriptions with a value of up to £10 for goods and services such as ringtones, train tickets and parking fees using Web-enabled handsets.

Money spent via PayForIt is automatically added to the customer's mobile phone bill, so users don't need a credit card or bank account.

Customers signed up to the service will be presented with a standard Payforit screen every time they make a transaction, which includes information on the content/service being purchased, the merchant it is being bought from and how much it will cost. Users then authorise payment by pressing 'pay now' or 'subscribe'. A payment request then goes directly to the mobile operator for validation.

The scheme has been set up by the telcos to provide a standardised payment system to customers - no matter what mobile operator a customer is signed up to or which handset they use.

The network operators have recruited a number of payment intermediaries, including mBlox and Verisign, to manage the billing requests and to present the on-screen payment pages to customers.

Firms including Electronic Arts, Multimap, Samsung and Sony Ericsson have already signed up to the m-payments scheme.
KeywordsE-COMMERCE

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

NAB to conduct m-payments pilot

NAB to conduct m-payments pilot

30 August 2007  |  6682 views  |  0 comments
Vodafone offers direct access to bank accounts via MoniLink

Vodafone offers direct access to bank accounts via MoniLink

09 July 2007  |  8753 views  |  0 comments
Mobile operators call for banking reforms

Mobile operators call for banking reforms

04 July 2007  |  8131 views  |  0 comments
Mobile wallets to replace payment cards - report

Mobile wallets to replace payment cards - report

29 June 2007  |  10211 views  |  0 comments
Telsecure launches securePay m-payments system in UK

Telsecure launches securePay m-payments system in UK

22 May 2007  |  7196 views  |  0 comments
PayPal launches m-payments service in the UK

PayPal launches m-payments service in the UK

26 April 2006  |  8752 views  |  0 comments
European m-payments scheme SimPay collapses

European m-payments scheme SimPay collapses

27 June 2005  |  11106 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
http://www.financialcrimerisk.fiserv.com/aml?r=finextraFind out moreVisit capgemini.com

Top topics

Most viewed Most shared
Royal Mint to issue digital goldRoyal Mint to issue digital gold
6175 views comments | 22 tweets | 21 linkedin
ING pulls plug on P2P payments app TwypING pulls plug on P2P payments app Twyp
5498 views comments | 16 tweets | 15 linkedin
R3 and Calypso to develop blockchain trade confirmation systemR3 and Calypso to develop blockchain trade...
5419 views comments | 13 tweets | 12 linkedin
UK challenger bank Masthaven opens for businessUK challenger bank Masthaven opens for bus...
5384 views comments | 15 tweets | 13 linkedin
EBA told that tougher authentication will have a "chilling" effect on single marketEBA told that tougher authentication will...
5380 views comments | 18 tweets | 20 linkedin

Featured job

Find your next job