U.K. Banks Back Mobile Payments Service
Jan. 24, 2013
The Payments Council, a U.K.-based consortium that sets strategy and standards for payment technology in the country, this week unveiled a mobile payments service set to launch in a year. The mobile wallet will enable secure payments via text directly from a bank account. The Payments Council said eight banks representing 90 percent of U.K. accounts have signed on to begin offering the service in the spring of 2014.
“The mobile payments project is a fantastic example of the unique role the Payments Council can play in delivering far-reaching, innovative improvements for customers,” said Adrian Kamellard, chief executive of the Payments Council. “This new service will offer a simple, secure way to split a bill for dinner, receive money from a friend or pay a tradesman without needing to remember or share account details.”
The organization had hoped to have the service ready this year but is aiming for ubiquity and wants to get mobile operators on board in addition to the financial institutions—Barclays, Cumberland Building Society, Danske Bank, HSBC Bank, Lloyds Banking Group, Metro Bank, Royal Bank of Scotland and Santander UK.