Sending Money Via Mobile Phones

from the send-money-now dept

Mon, Aug 16th 2004 11:46am — Mike Masnick

While there's been a lot of talk lately about various mobile payment systems like DoCoMo's FeLiCa (which is similar to Moneta in Korea, Dexit in Canada, and Speedpass in the US among others) it looks like the Korea Financial Telecommunications & Clearings Institute is trying a slightly different approach, where users will be able to send money to anyone just by knowing their mobile phone number. This isn't just for mobile-to-mobile payments, but for any payment, so that someone doesn't have to reveal their bank account info. In many ways it's similar to PayPal, but instead of using an email address, you can pay to a mobile phone number. Of course, if I remember correctly, this was actually PayPal's original plan... to let people easily transfer cash between PDAs.

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6 Comments

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dorpus, 16 Aug 2004 @ 12:06pm

Prostitution Paradise
Now schoolgirls can make thousands with their "part time jobs".
[ link to this | view in thread ]
data64, 16 Aug 2004 @ 1:08pm

nice
Couple this with Destructive Mobile Phone Virus and it makes ones wonder if anyone learned anything from MS and mistakes with Windows security.
[ link to this | view in thread ]
Mike (profile), 16 Aug 2004 @ 1:10pm

Re: nice
The details on that are important... it wasn't a mobile phone virus, as the story makes it out, but copy protection gone wrong. The goal was to add a fee for those who copied the game.
[ link to this | view in thread ]
giordano bruno, 16 Aug 2004 @ 6:44pm

Re: Prostitution Paradise
Tahes a sexy tool to promote new uses.
In 1978 "teletext" on TV failed,
now I have it via 'SetTopBox Digital decoder"

Electronic cash failed on PCs,
may succeed on cell phones,
why?
just because its sexy
Giordano Bruno
[ link to this | view in thread ]
aNonMooseCowherd, 16 Aug 2004 @ 9:34pm

negative "payments"
What happens if the amount is negative? Can you transfer money from someone else's account to yourself?
[ link to this | view in thread ]
Antti, 17 Aug 2004 @ 2:28am

We already have it
Go, select "Payments" and then "Mobile payments" for an overview.
[ link to this | view in thread ]