Finextra reported that the U.K. banking sector is gearing up for the introduction of an industry-wide mobile payments service next spring, with eight major institutions committed to the launch, including Barclays, Cumberland Building Society, Danske Bank, HSBC, Lloyds Banking Group, Metro Bank, RBS and Santander.
Last February the U.K. Payments Council partnered with VocaLink to build a central database that will allow bank customers to link their phone number to their account for person-to-person and person-to-business mobile payments.
Shortly before launch, financial institutions will invite customers to register via their online banking service or mobile app to provide their phone number and confirm which account they want to link it to, Finextra added.
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