UK bank reform could lead to text-message payments
The U.K. government has outlined plans to reform the bank payment system, potentially leading to people being able pay their friends by text message, according to The Telegraph (U.K.).
The U.K.'s new Financial Secretary to the Treasury announced that new regulations are on the way aimed at opening up competition in the bank payments system and making it cheaper for smaller banks to access the payments systems.
Under the reform plans, banks could adopt models used elsewhere in the world, such as the enablement of payments via text message, according to the article.
"An open and transparent payments system is crucial to give new players freedom to challenge the big banks without unfair barriers," the new secretary, Sajid Javid, said in the article. "The reforms we are announcing today will encourage innovation, ensuring that real benefits are passed onto each and every user of financial services."
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