News

UK company to launch service that allows balance inquiries via mobile phone

November 10, 2003

LONDON - A new service which allows people to check their account balance by tapping a PIN into their mobile phone is to be launched by the UK's Mobile ATM in 2004.

The joint venture between Link, operator of the UK's ATM network, and MChex, a subsidiary of IT services group Morse, is thought to have signed up Vodafone, O2 and Virgin Mobile, according to a report in The Guardian. It hopes to launch in 2004's first quarter and is in talks with other mobile networks. It also has the support of several major High Street banks.

The service plugs directly into the ATM network. Users download the software to operate it, after which they need only enter their PIN to look at their account. Mobile ATM will also allow customers who pay for their calls using pre-paid vouchers to top up their credit from their bank account.

"This service is about the consumer," said MChex managing director Alastair Lukies. "With over 100 million balance inquiries over the ATM network each month, we can be fairly confident that consumers like to be up to date with their financial information."

Karl Shields, Link's head of strategic planning and development, said that Mobile ATM is as secure as the existing ATM network. "Mobile ATM brings PIN security to the majority of handsets in the UK, giving customers an ATM in their pocket."

The direct connection with Link will allow Mobile ATM to offer a host of other services, opening up the possibility of paying for goods and services as if a phone was a debit card, according to the Guardian.

Mobile ATM presents a challenge to Simpay, the former Mobile Payment Services Association formed by Orange, Telefonica Moviles, T-Mobile and Vodafone about a year ago.