Banks take battle to telcos over use of phone numbers for transactions

Banks are set to allow their customers to send money using their mobile phone numbers instead of the current requirement of account numbers, in a move that seeks to replicate the simplicity that has helped telcos grow their mobile money business in personal cash transfers.

Customers will no longer need to ask for or share bank account numbers when sending money under a new system that will allow their mobile phone number to act as simple payment identifiers.