The new mobile phone application will allow payments to be made to other mobile users
Media playback is unsupported on your device
Video

Mobile to mobile payments arrive

A new phone application will allow people to send and receive money simply by using their smartphone.

A new phone application will allow people to send and receive money simply by using their smartphone.

Customers of a leading High Street bank will be able to transfer up to £300, just by knowing their recipient's mobile phone number.

Rory Cellan-Jones reports.