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Mobile phone banking arround the corner
25 September 2008
Technology giving customers of UK banks the ability to manage their accounts via their mobile phone is being introduced.
The first bank to allow customers to transfer funds between accounts within the same bank will be Lloyds TSB next month. Software exists to allow the transfer of money between different peoples accounts, however the banks have chosen to not roll this out straight away.
The software required to use this feature will be available for download on phones with internet access and a colour screen. Users will be required to enter a six-digit security code to access their balance or transfer money between their Lloyds TSB accounts. The service will cost £2.50 a month however it will be free to some premium banking customers, and student account holders until October 2009.
Catherine McGrath, director of current accounts at Lloyds TSB said "Just as internet banking has taken the country by storm over the past decade, mobile banking is now set to change the way we manage our money"
