Schoolkids Test SMS Banking

Brisbane-based company Qpay has given 100 school kids $10 to use an SMS payment system. “They can transfer the money to existing bank accounts and take the cash out if they want. We don’t care. We just want to find out how they want to use it,” Qpay director Peter Cran said.”
The system allows them to text cash to friends, and to “text pay” for items online, on TV and anywhere the Qpay icon is displayed.
“In some ways, our transactional processes are more secure than doing internet payments,” Mr Cran said.”The payment doesn’t go through until our computers call you on your mobile and you give us a successful PIN, which is double-checked with voice recognition software.” (via Textually)

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