The UK’s Payments Council has launched a collaborative project to help participating banks and building societies deliver mobile payments. The first step will be to scope out what the core service might look like for customers so potential suppliers and project costs can be identified.
The Payments Council will give the final green light after considering the business case later this year. Gary Hocking, Payments Council acting chief executive, comments: “Mobile phones are no longer only used as a way to contact people; their functionality has increased dramatically over recent years and the mobile phone is now something which many of us cannot do without. The introduction of mobile payments will offer more choice to customers, simplifying how we can make a financial transaction and increasing flexibility in our everyday lives. And who knows - we may see the wallet dropping off its top spot in the not too distant future.”
”It is still early days in this project but we want to explore how a mobile phone can help customers make a payment from one account to another. Of course security is a priority for us, and the work being done to bring this technology to life will focus on this. This industry-wide project will help deliver a way of sending money that is safe and easy for consumers,” he adds.
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