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Will banks lose with mobile payments?

"Unlike checks, credit cards and ATMs, it looks as if both Internet and mobile phone payment systems will be led not by banks but by new entries, with potentially profound effects on the evolution of the financial services industry," writes David Moschella, global research director at the Leading Edge Forum in Computerworld. Read the full article here.
Published Friday, April 21, 2006 5:19 PM by fsusblog

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# re: Will banks lose with mobile payments?

In India there was an interesting mode of payment that got started by banks called mPower. Here m is for Mobile. Business owners were given some special code number say XXX and a customer could pay by simply placing a message (text message or SMS) through the mobile phone with the format

PAY XXX $$$ PPPP

to a given bank phone number as in 8484. This resulted in a payment of Rs.$$$$ being made to the owner of code XXX. PPPP server as the identification (PIN) code of the customer.
Friday, April 21, 2006 2:59 PM by abhinaba

# re: Will banks lose with mobile payments?

Thanks...I have been hearing speculation that mobile providers are apt to leap ahead of banks, starting in Europe -- but I have been hearing that for several years now, I think.
Tom Groenfeldt, Editor, Windows in Financial Services. www.microsoft.com/financialservices
Thursday, April 27, 2006 3:48 PM by fsusblog

# FinServ Blog Will banks lose with mobile payments | Green Tea Fat Burner

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