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Fast fact:
'The European prepaid mobile market is worth 35bn Euros in revenues to mobile operators'

Text cheque launched
Source : myfinances.co.uk

My Finances logo
(28 September 2004)

Mobile innovations are enabling customers to manage their personal more easily with a payment method that offers consumers the chance to pay by 'Text Cheque'.

Upaid's simple and instant technology provides an alternative service to direct debit, supplying a cost-effective solution to paying your bills.

The service, which is operated by IBM, similarly allows merchants to reduce on processing charges.

"Consumers enjoy greater flexibility and freedom about when and how they pay their bills, while merchants can significantly reduce the cost of processing cheque payments and accelerate cash flow by collecting cash sooner," said Ashley Ward, chief executive of Upaid.

Customers receive bills in the normal way by post followed by a text issued before the due date.

Using a special password, they then send back a text cheque, which enables merchants to withdraw the correct amount from the customer's bank account or credit/debit card.

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