Messaging, receive money

In the UK, in 2014, a new service will be deployed for smartphones, which are text messaging to transfer money to each other via a bank account.

This program is supported by eight leading financial institutions in the UK. Smartphone owners will be asked if they want to participate in the transfer, according to the BBC. Now smartphone owners in the UK are able to use their device for a variety of other online banking services, so users of the money transfer service via SMS do not need to open a new account. , according to UPI.

A person who can send or receive money through text messages must first share their cell phone number. The British Payments Council said the password and similar security solutions would ensure that the system was not misused.

It is not clear how much the UK Council of Payments allows for the transfer of money in the form of a message service.