LloydsTSB is seeking to gain an edge in the mobile banking stakes by rolling out an application that lets you transfer funds between accounts using your mobile. It says it is also looking at offering the ability to transfer between banks.
I have just been sent a phone with the app pre-loaded so will be having a look over the next few days.
The software is a Java application that will probably work on any Java-friendly phone. It consists of menus leading to sub-menus that enable you to view and manipulate accounts. Fairly standard stuff but more on this when I have had a chance to interrogate the dummy account they have set up for the test.
Can't really have much fun moving money from one account to another but hey-ho it's all in a days' virtual mobile banking I guess.
At this moment the Payments Council is looking at Mobile Payments that will use the Faster Payments Platform.
The idea is that you'll be able to replace the account number and sort code with a mobile number. To make it work both parties need to be registered.
Mobile Banking in the US has exploded over the last 12 months with a number of solutions that use Java, SMS or Mobile Browser. Here in the UK it will be a harder adoption curve as we don't write many cheques thanks to the use of direct debit. Peer to Peer payments are relatively small and UK consumers are using less cash year on year, just watch the people buying coffee on cards.
Posted by: Ian Wood | October 16, 2008 at 08:11 AM
I think it will be quite popular with Lloyds TSB users, and given the time that this blog was posted, it would be interesting to see users' opinions.
Posted by: Cheap Mobile Calls | December 12, 2008 at 01:54 PM
I think it will be quite popular with Lloyds TSB users, and given the time that this blog was posted, it would be interesting to see users' opinions.
Posted by: Cheap Mobile Calls | December 12, 2008 at 02:20 PM