Consumers could be able to send and receive money by text message as early as next year.
The Payments Council has announced that it is that close to releasing technology which links consumers mobile phone numbers with their bank accounts.
Eight major financial institutions have already backed the use of such technology. According to bbc.co.uk, these banks will ask their customers whether they want to opt-in to a text payment service.
The technology could open up all sorts of doors for those in SMS marketing. Businesses could potentially send an offer to subscribers mobile with the option for them to buy it there and then.
In an interview with freshbusinessthinking.com, Payments Council CEO Adrian Kamellard speculated how the new system could change the world.
He said: “The mobile payments project is a fantastic example of the unique role the Payments Council can play in delivering far-reaching, innovative improvements for customers. This new service will offer a simple, secure way to split a bill for dinner, receive money from a friend or pay a tradesman without needing to remember or share account details.”
The body has not put an exact release date on the software, but believes it will be ready in the first half of 2014.