Mobile Money Ventures (MMV) - the joint venture set up by Citi and South Korea's SK Telecom - is developing a banking application that will be compatible with Google's new mobile phone operating system, Android.
Banks and carriers will be able to offer customers mobile financial services on Android powered handsets when the platform is launched later this year, says Citi.
Using Android-enabled mobiles, customers will be able to download and use the MMV application to transfer money, check accounts, receive branch information, carry out a person-to-person fund transfers.
Users will also have access to a stock monitoring feature that allows for real-time trading, portfolio management, and real-time market information.
Steve Kietz, CEO, Mobile Money Ventures, says: "Mobile banking will revolutionize the industry in the next few years much the way ATM machines did in the 1980s. By capturing the power of Google's Android software, our mobile banking platform will set a high standard for this emerging use of wireless technology."
Google, along with over 30 partners, disclosed plans for Android - which includes an operating system, middleware and key applications - in November. However the Wall Street Journal reported yesterday that the vendor is facing difficulties and Android handsets won't be on the market until at least the fourth quarter.
Citi and SK Telecom established MMV in March to develop a mobile phone banking platform. The firms are reported to be investing $8 million each in the 50:50 JV, which will be headquartered in San Francisco.