From last Thursday, real mobile money has been available for the first time in the UK when Mobile Sense launched Beem – the mobile money experience that allows users to send cash quickly and securely via text. The service, which can be used by anyone, on any mobile handset, across any network, and is not tied to any bank, enables users to load up their Beem account with as little or as much cash as they like and ‘beem’ it to pay for goods and services as well as send money to friends and family. All cash transfers take immediate effect and users can have access to their Beem account 24 hours a day, seven days a week, irrespective of location.
Signing up for the service is as simple as sending an SMS. New subscribers simply text ‘hello’ to Beem* and once they receive a response text back they can choose a password of between 4 and 8 characters to continue. Sign up is free online or just the cost of a text through a mobile phone and once registered users can load up their cash via their debit card and also beem any cash they receive back to their bank. The only charges for using the service are the costs of sending the texts which are covered by a user’s network operator price plan. The service is totally secure and subscribers’ details are all kept completely private. Users can even protect their debit card details with a second password.
Businesses that sign up as a Beem merchant will be able to accept secure payments from customers via text either in store or remotely. This provides each merchant with faster receipt of payment and allows the merchant to save money, time, staff resources and operational costs by up to 40 per cent. The service requires no additional hardware or software – all they need to be is connected to Beem – and can be implemented with minimal fuss and training requirements. Beem also provides merchants with SMS text, opt-in, opt-out, marketing opportunities and improves security because less cash is kept on their premises.
Kerl Haslam, founder and CEO, said: “Beem is a revolutionary new mobile money solution which will most certainly redefine mobile payments. Until now mobile money has never really taken off but Beem is set to change that. All it takes is a text, which enables users to quickly and easily send cash, as well as buy products and services, without being physically present – which makes sense as we can do almost anything on our mobile phones these days and now you can beem real cash.
“Completely independent of mobile networks, handsets and banks, users can pay back a friend or get prepay top ups on any network. Users can even pay for a pint, pizza, cab or club membership via Beem and through our merchants. They can even use our ‘bank it’ facility to text money back to a bank account. If you now forget your cash card or money, there is no need to go via an ATM to get cash, with Beem you can load cash into your account through a simple and secure text message and have access to cash within seconds.”
Dean Bubley, founder, Disruptive Analysis said, “I’ve always been rather skeptical of mobile payments. They haven’t had much of a part to play in the UK but there’s no denying how much they have taken off in developing countries, particularly Africa. Having been introduced to Beem I can appreciate where the technology has a place. It won’t necessarily prove a substitute to credit cards or borrowing a tenner from a mate down the pub, but it should serve as a good complement to modern payment methods.”
Steve Williams, at UKTI, concluded: “Mobile Sense is one of the most exciting and innovative companies we have seen in years”
Beem already has a number or merchants on board in the UK including pizza chains, Tops Pizza, PizzaGOGO, Fat Boyz Pizza and Lights Pizza. Taxis firms are also on board including London Heathrow Express Cars, AAA Taxis, Royal Cars, 001 Taxis and Mornington Cars. Beem also has a number of universities involved in this venture including Hertfordshire students union and Brunel students union.