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There’s now a new way to send money using your smart phone. Ericsson Money allows anyone to set up a secure online wallet that can be used to send dosh to anyone else using the service.
There’s no use being sent money if you can’t actually spend it, though. That’s where the Ericsson Money PrePaid card comes in. You can use that card to withdraw cash from an ATM, or just like a normal debit card. You’ll receive a text message notifying you when you’ve received new funds.
Signing up for the service is free, but the card will cost you £5. There are plenty of fees associated with using the service too, such as a cheeky £5 account-closure fee. Other fees include a 2 per cent charge when you top up your Money account by credit card and a £1 charge when you use the PrePaid card to withdraw cash.
The Money service has launched in seven European countries — the UK, France, Germany, Italy, Spain, Poland and Sweden. Ericsson is planning to bring it to other countries soon.
While there are plenty of other ways to send money to other people — bank transfers, PayPal, cheques, and popping a few notes in an envelope — Ericsson Money aims to be both simple and instantaneous.
Ericsson Money could come in handy in a pinch, but services that let you actually pay for items with your phone are currently where it’s at — and both Orange and Google are bringing that tech to the masses.
Are you tempted by Ericsson Money? Would it be your preferred method of securing a few readies from your parents while touring Europe? Let us know in the comments section below or on our Facebook wall.
