The Macau Monetary Authority (AMCM) said in a statement on Sunday that a number of banks are planning to launch a mobile phone account transfer service platform which allows customers to transfer money from their bank accounts to other customers’ accounts via their mobile phones.
The statement did not name the banks which will take part in the scheme.
According to the Macau Post Daily, the statement says the planned service will be run through Jetco (Joint Electronic Teller Services Limited) – the biggest network of automatic teller machines (ATMs) in Hong Kong and Macau.
According to the statement, customers of participating banks can transfer money – patacas or Hong Kong dollars – from their accounts to other customers’ accounts, provided that the customers know the mobile phone number of those they wish to transfer the money to.
The statement said that the authority has been promoting the development of electronic payment methods in the city, adding that it would constantly improve Macau’s financial infrastructure in order to increase the efficiency of the circulation of local funds in line with market developments and demand.