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Business News 17 Jan 2013

New scheme to allow money transfers by text message

Individuals will be able to send and receive money via a text message when a new mobile payments service launches next year, it has been announced.

The new service will allow users to make secure payments directly to or from an account without the need to disclose the sort code and account number, with only a mobile phone number used a proxy.

Eight financial institutions, representing 90% of UK current accounts, have already committed to offering the new service from spring 2014.



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