Money transfers by text message: Just what we need.
Anam, a Dublin-based company that has specialized
in new styles of cellphone messages, on Monday begins offering a service they
say could revolutionize money transfers.
Anam, a Dublin-based company that has specialized in new styles of cellphone messages, on Monday begins offering a service they say could revolutionize money transfers.
The service allows users to choose a name from their mobile phone address book, type in “cash” with the amount to be sent and press “send” for a transfer to be made from their bank account to another person’s bank account.
An automated system calls the sender to confirm the person and amount being sent and, if confirmed, a text message is sent to inform the recipient that the money is on its way.
While such a service could be useful for anyone who has run short of cash while sharing a restaurant bill, the real target group for Anam is immigrant workers who send money home.
The analyst consulted for the article worries that - “these are usually people who do not really trust banks in the first place.”
Frankly, I worry more about prospects who trust their cellphones more than banks.
Posted: Sun - June 17, 2007 at 03:37 PM