* Cumberland Building Society has committed to the launch of the first industry-wide mobile payment service in Spring 2014
* Sending security-protected payments by mobile will be as easy as texting, without the need to disclose account details
* Customers will be able to send and receive payments straight from their account after a simple sign-up process
Paying a friend or business on a mobile, as easily as sending a text is set to become a mainstream option in Spring 2014, when the UK Payments Council's new mobile payments service launches.
The new service will enable secure payments to be made directly to or from an account without the need to disclose the sort code and account number, by simply using a mobile phone number as a proxy. The new service will move money directly between accounts using tried and tested payment schemes: the Faster Payments service, which processed more than 800 million online and phone banking payments in 2012; and the LINK network, which processed 3.1 billion ATM withdrawals last year.
While there are existing ways to pay using a mobile, the collaborative Payments Council project marks the first service with the potential to link up every bank account in the country with a mobile number.
Cumberland Building Society, which already offers a full current account service with internet and mobile banking capability, is delighted to confirm it will be one of the first organisations in the UK to offer the new service when it launches in Spring 2014.
Peter Temple, Operations and HR Director at the Cumberland, said: "We are pleased to be amongst the first current account providers in the UK to offer the new mobile payments service. This is a fantastic example of how we are developing far-reaching, innovative improvements for our customers. We will be providing the service with the help of one of our key business partners, Sandstone, who already provide our internet and mobile banking solution."
Cumberland current account customers will be invited to register for the new scheme before it launches next year.
The eight institutions that have already confirmed their participation are Cumberland Building Society, Barclays, Danske Bank, HSBC Bank plc, Lloyds Banking Group plc, Metro Bank PLC, Royal Bank of Scotland plc and Santander UK plc.
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