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mobile phone to mobile phone payment

Jun 26, 2008 4:20:37 PM - Hendrik Hielkema

today the dutch RABO bank introduced a system that enables persons with a (dutch) mobile phone to pay money to each other with sms.

The system works like this.

everybody with a (dutch) mobile phone can open a "digital wallet" and put money on it from his or her bank account.

if you want to make a payment, send an sms with the amount of money and the mobile number to pay to to the RABO bank (which controls the "digital wallets"), and the bank send you a conformation sms with a code, by returning the code the payment is finalized.

people can pay to each other or to companies, for instance parking fees.

the use of the system is free for the rest of the year, but will cost about 0,05 € per transaction next year, (probably).

the system works real time.

what do you think of that,

40 points

sms payment

Comments

Bo Harald - July 12, 2008 9:30:02 AM UTC

We need to find easy to use ways forward - this is promising - if the wallet opening is easy enough and if it can be used for often needed payments - like public transport

Markus Hautala - July 14, 2008 6:54:22 AM UTC

We have some experience from digital wallets in Finland. Few years backwhen Nordea, Sampo and Elisa attempted to roll out Mobile Cash (Mobiiliraha). It didn't work because you would separately have to manage the wallet and the money was never there when you needed it.

A better way to do this is to have customer to sign up for the service in the eBanking portal and then (possibly ) request him to set some daily limit for mobile purhases. Digital wallet management is requires too much effort.

Antti Seppälä - August 30, 2008 8:59:22 PM UTC

SMS is good staring point to ramp-up mobile payment services. It works almost every handset in the market so it is possible reach almost all mobile users by using this approach.

I would say there is a need to find ”one click” simple way to do payments with mobile phones to really reach masses. Mobile payment can simplify current payment process in services used many by often (e.g. mass transit, retail, digital services) if user experience is high enough.

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