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London (pte047/13.12.2004/16:00) - Mobile phone users in the UK will soon be able to check their bank balances on their handsets. MobileATM, a joint venture between computer services company and Link http://www.link.co.uk , will start in 2005 and will involve two of the UK's High Street banks and four mobile operators. As the BBC http://www.bbc.co.uk reports, the initiative's intention is for users to see a tiny version of a cash machine on their mobile phones. It is expected that in time the service will also extend the number of Link machines offering top-ups for pre-paid mobile phones.
The cash machine network Link, which is owned by 22 financial institutions, believes the service will be successful as cash machines are used 100 million times a month for balance enquiries. The network's mobile venture will start making money by taking a small percentage of mobile transactions such as mobile top-ups. Users of several mobile networks such as Vodafone will be able to activate the MobileATM service by texting a code to their bank. They will then receive an activation number in the post two days later. To check their bank balances they will need a personal identification number, just like cash machines.
Although the service will be limited to just balance enquiries initially, Link has said it is considering extending the range of services in 2005. These could include some method of mobile payment for goods or the ability to get a mini bank statement. Potentially, the services could also include the ability to extend overdrafts and transfer money to other accounts. At present, 16,000 cash machines on the Link network offer mobile top-up.
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