Sending Money Via Mobile Phones

from the send-money-now dept

While there’s been a lot of talk lately about various mobile payment systems like DoCoMo’s FeLiCa (which is similar to Moneta in Korea, Dexit in Canada, and Speedpass in the US among others) it looks like the Korea Financial Telecommunications & Clearings Institute is trying a slightly different approach, where users will be able to send money to anyone just by knowing their mobile phone number. This isn’t just for mobile-to-mobile payments, but for any payment, so that someone doesn’t have to reveal their bank account info. In many ways it’s similar to PayPal, but instead of using an email address, you can pay to a mobile phone number. Of course, if I remember correctly, this was actually PayPal’s original plan… to let people easily transfer cash between PDAs.

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