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Posted: Fri, April 4, 2008
Mobile payments predictions branded optimisticTheories that bill payment by mobile phone could be the next big thing are slightly exaggerated, according to an expert.Sarah Quinn of the UK trade association for payments APACS said the technology was not in place to launch such an initiative. She noted that new mobile phones would need to be designed with slots in them for credit cards and programme applications. A recent report in the Guardian noted that no UK banks have signed up to internet payment schemes launched by POLi and eWise. Recent research by Jupiter concluded moves by providers towards delivering financial services via mobile phone would generate more than $587 billion (£290 billion) worth of transactions worldwide. Ms Quinn said: "The hardware for that doesn't exist at the moment, because you'd need to slot your card into your phone and that doesn't happen." She went on to say that she wondered whether most people would want to run a credit card account as a phone account. 
© Adfero Ltd
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