Mobile payments to launch in Spring 2014

Posted at January 15, 2013 | By : | Categories : News,Rural Business | Comments Off on Mobile payments to launch in Spring 2014

Paying a friend or business from a mobile as easily as sending a text message is set to become a mainstream option in Spring 2014, when the Payments Council launches its new mobile payments service.

The service will enable secure payments to be made directly to or from an account without the need to disclose the sort code and account number but instead using a mobile phone number as a proxy, and the project has the potential to link up every bank account in the country with a mobile number.

Eight financial institutions, representing 90% of UK current accounts, have already signed up and discussions are continuing with others.

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