Tuesday, May 11, 2010

Finovate: liqpay

Liquid payments through mobile phones. The person's phone number is their unique ID. This is an eastern European (Ukraine?) offering that has added 700,000 customers in the last month alone.

Send cash to a mobile phone. The sender and receiver get a simple SMS. You now credit your current Visa card with the information you have been sent, so it should be really easy to get cash to people.

And amazingly, you'll never get a pocket full of coins again. In the Ukraine, merchants can give you your change from large denominations in liqpay coin management payments. An interesting way of avoiding lost coins and the costs of handling them.

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