The Payments Council has announced that by spring 2014 UK account holders will be able to send money using only their phone number.
Crucially, this service doesn't require any kind of digital wallet to be set up, rather the details are stored on one central database, which account holders will opt in to.
Cumberland Building Society
Lloyds Banking Group
Royal Bank of Scotland
Are all signed up to the scheme, giving them 90% of all UK account holders.
Payment innovation? In the UK? Dig that kind of thing? then you should
Here's some exceprts from the real press:
BBC News – â€Ž1 hour agoâ€Ž
UK mobile users will be able to send and receive money by sharing only their phone number by spring 2014, the Payments Council has said. Account owners will be asked by their banks if they want to opt-in to a database that will allow the sending of money …
Sky News – â€Ž1 hour agoâ€Ž
Smartphones keep on getting smarter with the news of a nationwide scheme to let Britons use their mobiles to pay their bills. 8:57am UK, Wednesday 16 January 2013. HTC handsets are displayed in a mobile phone shop. The smartphone: making calls – and …
Telegraph.co.uk – â€Ž3 hours agoâ€Ž
The Payments Council announced yesterday that eight financial institutions – representing 90pc of UK current account holders – have already signed up to the scheme. The new service will allow users to make payments using a mobile phone number, …
Daily Mail – â€Ž10 hours agoâ€Ž
The first industry-wide scheme to allow Britons to transfer cash to friends and businesses as easily as texting will be up and running from spring 2014, officials said today. Eight financial institutions, representing 90% of UK current accounts, have already …