Cell Phones as Debit Cards

Belgian firm Banksys specializing in electronic payments, said on Tuesday, that within a few months, customers will be able to use their cell phones as debit cards.

"Using text messaging, the payment system will allow consumers to pay anything from six euros up to the limit of their bank account" said Chief Executive Vincent Roland.

Also, in what is being touted as a world first, Kenya's biggest mobile operator is allowing subscribers to send cash to other phone users by text message, The Guardian reports.


Known as M-Pesa, or mobile money, the service is expected to revolutionize banking in a country where more than 80% of people are excluded from the formal financial sector.

I believe financial sector in the US, is huge, and so far unrealized opportunity for mobile technology, as well as financial sector companies.

Donations, small payments, deposit and payment alerts are just a few ideas that could be implemented. However, due to costs and regulations, donations payments and money transfers might be hard to established.

I really want to buy my morning paper and coffee by sending a text message.

Klem