Smartphone users in the UK will soon be able to send and receive money using just their mobile number by spring 2014, according to the Payments Council.
Secure payments from customers of banks including Barclays, HSBC and Lloyds will soon become a reality thanks to the new mobile payments service, allowing users to pay a friend or business simply by sending a text message.
"The mobile payments project is a fantastic example of the unique role the Payments Council can play in delivering far-reaching, innovative improvements for customers," explained Adrian Kamellard, Payments Council chief executive. "This new service will offer a simple, secure way to split a bill for dinner, receive money from a friend, or pay a tradesman without needing to remember or share account details."
As an opt-in service customers interested in joining the scheme simply need their mobile phone number and the account they wish to link it with.
The initiative has so far received the backing of eight of the country's major financial institutions - representing 90 per cent of UK current accounts - and will be operated by phone and online banking service Faster Payments and the Link network.
Over 5,000 consumers participated in research undertaken by the Payments Council, which found that the scheme is expected to be well-received with smartphone users; making up the 67 per cent surveyed.
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