UK Payments Council launches m-payments project

The UK Payments Council has launched a collaborative project between banks and building societies to help facilitate the creation and adoption of P2P mobile payments. The first stage of the m-payments project, which falls under the Pay Your Way consumer education campaign set up by the Council in 2007, will be to scope out what the core service might look like for customers so potential suppliers and project costs can be identified.

The UK Payments Council has launched a
collaborative project between banks and building societies to help
facilitate the creation and adoption of P2P mobile payments.

The first stage of the m-payments project,
which falls under the Pay Your Way consumer education campaign –
set up by the Council in 2007, will be to scope out what the core
service might look like for customers so potential suppliers and
project costs can be identified.

Through the development of the industry-wide
project, it is thought UK consumers will be able to send money
solely via their mobile phone by text, an app or internet browser
within “as little as a couple of years”.

The Council has made a conscious effort to
steer away from NFC-based mobile payments, an initiative that has
grabbed headlines in recent weeks, thanks to a high-profile public
launch from Orange and Barclaycard.

”It is still early days in this project but we
want to explore how a mobile phone can help customers make a
payment from one account to another,” said Gary Hocking, acting
chief executive for the UK Payments Council.

“Of course security is a priority for us, and
the work being done to bring this technology to life will focus on
this. This industry-wide project will help deliver a way of sending
money that is safe and easy for consumers.”

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The Payments Council will give the final green
light after considering the business case by the end of 2011.
Initial indicators from research agency Opinium Research show 23%
of UK consumers are likely to want to use a new m-payments
service.