Press release
British bankers have two problems; one is the esteem they are held in by society and the other is the proposed phasing out of UK cheques in 2018.
According to Ben Trewhella, Chief Technology Officer of Mubaloo - the UK's largest mobile application developer, mobile devices will solve the second although they can have little effect on the former.
"Orange will shortly be launching the UK's first mobile payments service," he said. "We are expecting several ‘contact less' payment systems to be run out before the 2012 Olympics. Everyone will have potential mobile access to their bank accounts long before 2018."
Orange's ‘mobile wallet' is due to be launched in the summer of 2011 in partnership with Barclaycard.
O2 trialled a contact-less payment system using mobile phones in conjunction with London Transport in 2009. It is expected that the purchase of tickets and transport during the Olympics will be available on mobile devises.
"Many older people are worried about the disappearance of cheques and we have to consider that the over 55s control over 80% of the disposable wealth in Britain," said Mr Trewhella.
"But the possibilities are endless. Research demonstrates that people are already less likely to forget their phones than their wallets. The development of payment applications will negate the need to carry cash."
There are already about 12 million contact less credit cards in circulation but they can only be used for small payments.
"Applications will be developed that will overcome all the problems connected with the phasing out of cheques," said Mr Trewhella. "For example, when a charity or club requires authorisation from more than one person to move money from an account."
In Japan and Korea mobile phones have been equipped with wireless payment chips for some time.
David Chan, chief executive of Barclaycard's consumer division said, "I believe that future generations will find it surprising that early this century we were still carrying separate items to buy goods and to communicate with each other."
