"Pay By Text" the Next Big Thing in UK Mobile Money Management

By Gary Cutlack on at

Forget the masses of differing complicated NFC virtual wallets that no one seems to want to use, there's about to be an exciting new modern payment method in town -- the humble SMS message.

The UK's Payment Council, the body charged with the task of ensuring all financial transactions here work properly, has approved the move, which will see it establish a massive database of mobile phone numbers and account details. The idea being that we'll then be able to send a text message to pay someone. No fuss, no apps, no new accounts or wallets, no nothing. Just your bank asking you if you'd like to opt in or not.

As with the cumbersome NFC system, there will be daily limits in place regarding how much you'll eventually be able to transfer by SMS request, but the people in charge haven't had the meeting yet to decide what that will be. It should all be live and ready by 2014. [BBC]