Central Banking

UK prepares for mobile payment apps

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The UK can learn from mobile payment developments abroad, but will need a technological set-up tailored to the quirks of the local market, according to participants at a payments seminar yesterday.

The Payments Council is launching a platform in the first half of 2014 that will enable the UK's population to make payments using a person's mobile phone number as a proxy for their account number and sort code. Eight banks, representing 92% of the UK's current accounts, have signed up for the scheme

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