Banking on the mobile phone

Royal Bank of Scotland has launched a new mobile phone banking service for its 13 million debit card customers - their phones allowing them to keep track of their money at any time, and in any place.

Customers signing up to the new service will be able to access their account balance and view mini-statements on their mobile phone. They can also top up any mobile pre-pay phone and receive SMS balance alerts.

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The service is secure as data isn't held on the customer's phone. Indeed, only a handset that is linked to the account can be used to access account information. The software is free and there is no monthly or annual fee, although there may be a data charge from some network operators.

RBS plans to add extra services including making payments and moving money between accounts. This will be available to all current and savings accounts which have a debit card.

The service is being provided by MONILINK which is a joint venture between VocaLINK, the operator of the UK ATM network, and Monitise plc.

15 August 2007 © Moneyextra.com

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