Business mobile payment service set for the UK in 2014

Due to the agreement of banking and funding associations that embodies 90% of the present accounts; UK’s first business-wide mobile payment service will be launched in the spring of 2014. At present, eight finance groups already gave their word to cater the service, which will be done without disclosing the users’ account information. More discussions and meeting are being held in order to encourage others to join the plan.

Upon the launching of this, Brits will have the power to settle their transactions using mobile phone. The process of this new payment system is just the same as texting, and people can sign up in order to deliver and receive payments through their individual numbers.

According to the Payments Council, the group that is spearheading the project, the use of mobile phone to purchase both items and to send money to loved ones will become a mainstream choice because of the acceptance of this plan from the majority of existing banks.

Meanwhile, over 5,000 customers joined the Payment Council’s research, and they found out that the new payment system will be widely accepted by smartphone users. In the survey, they accounted for 67%, which is way far from the registered survey votes of other cellphone users. One out of three of these smartphone users answered that they are either “extremely likely” or “definitely” to use or sign up to the planned service once it was officially launched.

The managing council said that even though there are already existing payment systems that use a mobile phone, the upcoming project will be different because it has the potential to be connected to all bank accounts in the state.

Chief executive Adrian Kamellard added that the innovative service will give simple and secured way to pay dinner bill as well as receive and pay money without the need to keep in mind or disclose a person’s account data.

Prior to the launching of the service, the involve financial organizations will ask customers to register through the online banking, application for mobile, and other accepted methods. The price and the exact date of launching will be announced some other time.

 

 

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