Next Year In UK: Send, Receive Money By Text

Account owners will be asked by their banks if they want to opt-in to a database that will allow the sending of money by text message. The scheme is being backed by eight major financial institutions. Its launch will bring the UK up to speed with technology long in use in the developing world. Many African nations use systems such as M-Pesa, typically seen as a secure way to transfer funds quickly between individuals and businesses.

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