The UK Payments Council has announced that the countdown has started for the launch of a new country-wide mobile P2P payments service in the UK. Specifics include:
- Financial institutions representing 90% of UK current accounts commit to spring 2014 launch of first industry-wide mobile payment service.
- Sending security-protected payments by mobile will be as easy as texting, without the need to disclose account details.
- Customers will be able to send and receive payments straight from their account after simple sign-up process with their provider.
The new mobile payments service will move money directly between accounts using the Faster Payments service and the LINK network.