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By matthewfelgate
#4958
The biggest hurdle to a physical money free society is small, personal payments.

The easiest way to pay my friend £10 is to give him a £10 note. I could make a £10 PayPal transaction to him, but not if i am out, not at comp.

But what if you could transfer money (like paypal) over your mobile phone?

I could simply text a company the AMOUNT, your PIN, and the destination MOB NUMBER, and it would electronically transfer the requested amount to that persons bank account. It could send receipt txt to both people!

what do you think?

Reward: none - i am a nice guy :p
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By Steve
#5009
Just in case you're not aware, there are already phone companies with mobile ticketing systems where you can purchase various products via your mobile phone. But afaik, the idea of using it for payments between phone users hasn't been implemented yet! ;-D
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By Michael D. Grissom
#5046
OMG what a great idea! There have been times when I've received a phone call from a friend stranded far from home with car problems (for example) and needed to borrow $100 or so just to get home. With this system you suggest, I could've resolved those problems in minutes with a cell phone! I can't imagine this not already being on the market so, I'll have to go search and see.

Just what I need!!! --> A faster method of loaning money to friends that never pay it back! :~(
By acemarc
#6138
I believe the idea is already in motion in the Philippines.
Globe Telecom has E-LOAD enabling subscribers to transfer loads
to other subscribers with different denominations . Another innovation is G-CASH which enable people to send cash over internationally and domestically. Can also be used to directly pay cashiers. This is the Mobile Wallet concept.
:-)
By kengsslee
#12356
It's called Telephone transfer. Malaysia has got this system for more than 10s of years before Internet became popular.

The systems is a 24 hour service where you key in your account number and then they will quote you for your PIN# and then the recipents account and amount and then walla! There you go.
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