Geo Payment is an electronic payment that allows a seamless transfer of money using mobile phones, without having to add the bank details of the recipient.
The Bank said the new payment system authenticated by means of the banking application’s existing programming interface.
A transaction occurs when both the sender and the receiver switch on the location button on their phones to identify one another. The sender or receiver will not pay any commission for the transaction and it works within a 5km radius.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.