RBC testing mobile phone payment service

RBC Royal Bank is testing a new service called “RBC Mobex Mobile Payment Service” that allow users to send up to $100 a day via text message on their mobile phone. This is a trial currently for RBC employees, their family and their friends until January 2009.

Anne Koski, head, RBC Payments Innovation said “Increasingly, consumers are using their mobile phones to help simplify their day-to-day lives, including banking and payment transactions. We’re testing this mobile phone service to find out if consumers are eager to instantly send and get cash when it’s needed most, in an easy but secure manner.”

Similar to MasterCard PayPass, RBC is also testing the use of cell phones for purchasing items at merchants rather than credit cards at  Visa payWave checkout readers.