The following press release comes from a money transfer company called Monitise:
Monitise Offers Mobile International Payments
13th February 2008
By Bhavana Navuluri
Monitise, a UK mobile banking and payments technology company, has launched a service that allows users to make international remittances using a mobile phone.
The MoniHome service will be combined with the company’s multi-bank, multi-mobile operator mobile banking and payments systems to enable users to initiate, manage, and track transactions via their cellphones.
Users can choose to accept payment through a channel of their preference, be it a direct transfer into their bank account or collecting cash from a physical location.
Monitise CMO Richard Johnson said: “Our partner banks and mobile operators have expressed strong interest in making this available to their customers and we expect to announce the first pilot of the service in the coming months.”
While I’m not sure about the name “Monitise” (so badly misspelled it makes my eyes hurt) I do think this is an idea whose time has come. I’m curious as to how this differs from using your cellphone to access a money transfer provider’s website to make a payment.
If it truly is phone-to-phone, where I use my credit card to send money to someone else’s phone, whereby he can then transfer the money to his bank account (which presumably partners with Monitise) then I think it’s revolutionary.