People will have ability to transfer cash on mobile phones soon

22/02/2012

People Will Have Ability To Transfer Cash On Mobile Phones Soon

By the beginning of next year, every bank customer in the UK may have the ability to transfer cash between bank accounts by using just an app on their mobile phones.

Barclays became the first bank to launch such an app for customers last week and now the wider banking industry is ready to try and set up a database that can link all accounts to their owners' mobile phone numbers.

Chief executive of the Payments Council Adrian Kamellard said whether people want to pay a friend or a window cleaner, banks are now paving the way for mobile payments to become a mainstream option.

"There's clearly a great demand for mobile payments, and our work will ensure that banks of all shapes and sizes can offer their own competitive service to their customers," he added.

Banking chiefs have denied that this is a plan to try and eliminate the use of cheques.

Posted by Simon Thomas

Recycle mobile now