Payments by text to launch in 2014

1 min Read Published: 16 Jan 2013

The Payment Council has announced that a service allowing payments to be made by mobile phone will be launched in 2014.

This service will enable secure payments to be made to or from an account without having to disclose the sort code or account number. Nine financial institutions - representing 90% of UK current accounts - have already committed to offering the new service form next spring with more institutions likely to follow suit.

Whilst there are existing services offering payments using mobile phones, this will be the first service to potentially link up every bank  account in the country.

Prior to the launch customers will be invited to join the new scheme via there online banking service or through a mobile app and will have to provide their mobile details.

This will be the final phase of the 'mobile payment project' which follows the completion in December 2012 of the central database which securely links mobile phone numbers and bank accounts.

The Payments Council will continue work on improving the system and working with institutions to ensure it meets customer expectations.

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