UK banks work on mobile money transfers

UK banks work on mobile money transfers

The UK's Payments Council has begun looking into the development of a system to let Brits transfer money between accounts through their mobile phones.

The Council says its industry-wide project will help banks and building societies make paying by mobile easy, efficient and secure.

Within a "couple of years" it wants customers to be able to send money using only their mobile phone: either by using text, apps or Internet browsers.

The project, still in its infancy, will initially "scope out what the core service might look like" so potential suppliers and costs can be worked out, with a final green light on the plans slated for later this year.

Over 45 million Brits use mobile phones, says the Payments Council and handsets are now the number two item that people wouldn't leave home without - behind the wallet.

The positions could well be reversed in the near future, with almost a quarter of consumers likely to want to use a new mobile payments service, according to a poll commissioned by the body.

Gary Hocking, acting CEO, Payments Council, says: "Mobile phones are no longer only used as a way to contact people; their functionality has increased dramatically over recent years and the mobile phone is now something which many of us cannot do without. The introduction of mobile payments will offer more choice to customers, simplifying how we can make a financial transaction and increasing flexibility in our everyday lives."

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