UK Payments Council has announced that by 2014, UK mobile users will be able to receive and send payments through text messages.

What are you thinking?

View Results

Loading ... Loading ...
1 Star2 Stars3 Stars4 Stars5 Stars (Rate This)
Loading...Loading...

Payments made via mobile devices are becoming an increasingly popular service. Select carriers around the world have already made the option available to their customers. UK is also on its way to make the option available with a number of its financial institutions so that UK mobile users will be able to send and receive payments via text messages.


M-Pesa

This has been announced by the UK Payments Council. Currently, the plan is backed by eight major financial institutions in the country and it is expected that the feature would become available with UK users finally by 2014.

The technology has long been in use in a number of developing nations. It provides an easy and cheap way to transfer money without requiring banking infrastructure in all places. In UK, this wouldn’t be the first banking-related feature made available to mobile users in UK. Barclays already allows its customers to send and receive money from their accounts via mobile devices.

The best part about this new via-text payment option is that it wouldn’t require the customers to set up an account with a given mobile wallet service. To make use of the system, a customer will only need to give his phone number to the payee. The payee, in turn, would send his payment to that specific number.

Faster Payments service will be overlooking this feature once it is implemented. The entity has yet to decide what kind of security measures must be put in place to avoid its abuse as well as the maximum amount of money that can be transferred.

Courtesy: BBC

Buy Cheapest Related Product From Amazon.com


Dell Working On A USB-Sized PC That Gives Access To Windows, Mac OS, Chrome OS

PlayStation 4 And Xbox 720 May Arrive In June, Priced Between $350-$400
You can also press the left/right arrow key on your keyboard to go to previous/next post
  On January 16, 2013(1 year, 10 months ago.)

Recent Products

Buy Now | Compare  
Buy Now | Compare  
Buy Now | Compare  
Buy Now | Compare  
Compare  

What Do You Think?

Loading Disqus Comments ...
Loading Facebook Comments ...

Recent Search

Recent Tutorials

My tutorial is for those who wants to delete those history partially or fully or to disable those if they want.
This tutorial will show you how to stop those videos in your Android mobile not to play automatically.
This tutorial will help you to Disable Auto-Update Of Android Apps in your Android Device. The steps are quite easy to execute.
This tutorial will help you to clear search history from your Google Play Store in your Android Device. The steps are quite easy to execute.
This tutorial is about restoring your deleted WhatsApp chat history in Android for at most 7 days data.
Today I am going to show you how to save places in Android Google Maps and then retrieving those places in Google Maps from any devices.
Do you know that you can turn a shoe box into a phone projector? Don't believe this? See for yourself inside.
Apple has published a new guide detailing how Android users will be able to switch their contents from Android to iPhone.
The trick will let you to check your Facebook messages in the original app without downloading Messenger and it works with both iPhone or Android phone.
Want to block all disgusting ads from your android device? Read the tutorial to know how you can block ads on your Android and save data.
Close You Have To Login
User:
Pass:
Login With »Login With TwitterLogin With Facebook