Mobile phone operator Telefónica will offer its German customers a person-to-person (P2P) money transfer service and NFC enabled mobile wallet from mid-February.
The mobile-to-mobile money transfer service is known as ‘mpass Geld senden’ and facilitates the transfer of funds from one mpass account to another using a mobile phone application. Customers log in into an account, and then enter a recipient number, amount and explanatory note to send a transfer which is processed in close to real-time.
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The other new facility available to customers is the 02 mobile wallet, which transforms a mobile phone into a payment device using an NFC capable SIM card which stores all the payment and security information.
René Schuster, Telefónica Germany’s chief executive, said: "Soon, children will only know from history books what a wallet and hard cash are. Mobile payment with your smartphone has arrived in Germany. Our customers will soon be transferring money mobile-to-mobile and paying in shops using their digital wallet."
Recently, Telefónica announced that it was partnering with mobile payments and analytics company Bango on a direct-to-bill payment experience for mobile app stores globally.
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