gadgettastic

The UK’s five mobile phone firms have reached an agreement on a new  payment system for mobile phones that turns them into digital wallets, called PayForIt.

You will soon be able to use your mobile phone to buy goods and services, pay for parking, and train tickets etc.

The scheme is designed for those buying goods and services with a value of up to £10.

Any money spent via the scheme will automatically be added on to a customer’s phone bill.

This new system will probably work better than premium rate SMS services, as users will get a digital receipt dispatched to their mobile phone, which will show details of their transaction.

Via BBC.co.uk