Mastercard & GSM Association team up on mobile phone payments

The possibility of mass market payments using mobile phones took several steps onwards yesterday after MasterCard and the GSM Association announced they are teaming up on an m-payment service.

The service isn't really aimed at the general population, but more at migrant workers to pipe money quickly and efficiently back home.

I'm sure that Moneygram, Western Union and other expensive munney transfer services will start kicking up a fuss, but I have to take my hat off to MasterCard on this, as it's a touch of genius.

The game plan is to create a global payments hub and allow mobile users to register their details, allowing m-payments to flow between registered users.

No details on timescales or commissions, but I'm sure it will be cheaper than Moneygram. Almost anything is cheaper than Moneygram...