Eight institutions in the UK have agreed to back a service to allow us to text money to people. This list is: Barclays, Cumberland Building Society, Danske Bank, HSBC, Lloyds Banking Group, Metro Bank, Royal Bank of Scotland and Santander. The service is predicted to start in 2014.
Revolutionary? I don’t think so…
In April 2007, following a student software development project from Kenya, Safaricom launched a new mobile phone based payment and money transfer service, known as M-Pesa. The service allows users to deposit money into an account stored on their cell phones, to send balances using SMS technology to other users (including sellers of goods and services), and to redeem deposits for regular money.
Read the BBC News story on this: www.bbc.co.uk/news/technology-21032503