SMS banking
Anand, 1:00pm 31 March 2006I recently came across this site offering a payment service over the phone. It allows regsitered users to transfer small amounts of money back and forth by sending text messages of the form “pay 5 111-222-3333.” A callback from their service then requests authorization — entering a secret pin-code. SMS banking? Pretty neat idea, couldn’t banks do this too (with specified upper bounds for all transactions)?. Here is the site:
TextPayMe
This convenience comes with softer security guarantees, SMS transmissions are insecure, and so is the pin-code process. But if the amounts are trivial — the ease of use is compelling!
Ebiquity Blog
