The GSM Association (GSMA) and Western Union announced that they have begun development of a global money transfer service, which is expected to be supported by 35 of the world’s more than 700 GSM carriers.
 
First commercial services based on the “Mobile Wallet” technology are expected to be rolled out in the second quarter of next year: According to the GSMA cellphone users will be able to send other users “small money amounts” to another via cellphone nationally and internationally.  

Western Union claims that it has covered about 17% of all worldwide money transfers in 2006 and intends to connect its existing transfer system with about 312,000 locations to the new mobile technology.   

but

Oct 20, 2007 09:13     

fyi this is already begun, Trumpet Mobile (Radioshacks own brand of Cellphone (prepaid)) has already incorporated this... i thnk it's on cdma even includes an ATM card with the phone to allow this kind of thing.
bret report abuse vote down vote up Votes: +0

A new way for fraud to occur

Oct 21, 2007 12:28     

This will spark a new wave of fraud I'm sure. Cell phones can be hacked into easily according to some people I know. I guess this will be yet another security concern for the average user to deal with.
Wingless report abuse vote down vote up Votes: +0

Who needs money security!

Oct 21, 2007 22:44     

Being that I find probably at least 1 cell phone left on public transit each week on my way to/from work, I can see this being a whole new line of headache.
DASQ report abuse vote down vote up Votes: +0

Compliance??

Oct 22, 2007 04:44     

Assuming that off the 35 operators are in 17 countries. Will the governments let the GSM operators enter in to the GREY area, where they enter in Banks domain. Also, is the concern of money laundering and KYC... Come to think of it, its a huge task ahead of them. :)
JustAThought report abuse vote down vote up Votes: +0