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First internet bank mobile phone top up service to launch

First internet bank mobile phone top up service to launch Britain is to get its first internet bank mobile phone top-up service very soon.

OneVu is the company developing the initiative; it was responsible for the internet banks' electronic bill management service.

The second quarter of 2009 has been pencilled in as being the time the service will become reality, negotiations with mobile phone operators and leading online banks are progressing "well".

Miles Quittman, chief executive of OneVu, said: "The difficulty we have is in exciting all the different players in the market; the consumers, the businesses and the banks.

"The banks want more transactional services being run through the security of their banks and not just people coming and checking their bank accounts and statements, they want customers to do more things."

Mr Quittman is confident that his firm can offer consumers a safe and convenient way of topping up their own phones as well as those of friends and family members via the "familiar and secure interface of the internet bank".

The plan is for top-up transactions to be stored in such a way that they can be retrieved by entering details of the name, allowing them to be quickly re-accessed with just one click.

Analysts have been quick to point out that the UK prepay mobile phone top-up market is potentially very lucrative. The sector has a current value of over £4.2 billion per annum and it is forecast that around one in seven top-ups in the UK will be made through the internet banks by 2014.

Mr Quittman also hopes that more businesses will opt to have their bills presented through the internet bank and thinks that they could have their brands advertised while millions of people use online banking.

"Really it is about offering consumer convenience but also offering a marketing channel to businesses," he said.

The expert thinks that there will be great demand for the service as there are "around 19 to 20 million online bank users" who could use it, for instance, while on their lunch break at work.

Industry News posted on 09 December 2008

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